Which of the following terms best refers to the fact that the benefit to a firm from being a monopolist as compared with being one of two competitors in a duopoly is greater than the benefit to a firm from being a duopolist as compared with not being in the industry at all?
A) The replacement effect
B) Competitive effect
C) Efficiency effect
D) Hypercompetition
E) The sunk cost effect
Correct Answer:
Verified
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