2008 AP Economics!!!

[galoisien]

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The curve for the firm is perfectly inelastic, but the curve for the industry probably is not. If firms charged exhorbitant amounts for products in the same industry, consumers might just move to a substitute good that’s in a different industry. I think that is part of it.

</p>

<p>But if you’re a monopoly, doesn’t the curve for the firm = the curve for the industry, though? ;)</p>