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In a model where the supply-side equilibrium is found at the intersection of the wage-setting and price-setting curves, what is the most likely outcome if a new policy significantly increases competition in the product market, forcing firms to reduce their profit markups?
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Figure 2.7: WS-PS Equilibrium and Corresponding Lorenz Curve
In a model where the supply-side equilibrium is found at the intersection of the wage-setting and price-setting curves, what is the most likely outcome if a new policy significantly increases competition in the product market, forcing firms to reduce their profit markups?
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