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Assumptions underlying imperfect competition

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Reference no: EM131186014

1. What are the assumptions underlying Imperfect Competition?

2. State 2 features of a firm in long run equilibrium in Imperfect Competition that would be common to a firm in long run equilibrium under Monopoly.

3. Give an example of an industry operating under conditions of an Oligopolistic market structure.

4. What does it mean for a firm to: 1) collude and 2) be a profit maximiser?

Reference no: EM131186014

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