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Monopolistically-competitive market entrance

When numerous new firms enter a monopolistically-competitive market, in that case the demand curves facing the firms previously in that market will: (1) shift to the left and turn into more price elastic. (2) become straighter and less income elastic. (3) shift to the right and become less price elastic. (4) become steeper and more income elastic. (5) shift upward to reflect higher production costs.

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