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Select a real world market that is not an example of perfect competition or monopoly, discuss whether you think it is more appropriate to apply the model of monopolistic competition or an oligopoly model. You might want to consider factors such as the nature of the product, the number of competitors, how the competitors interact with one another, and outcomes such as prices, profits and firm entry/exit.
(Note: It is not allowed to be an example directly from the lectures, tutorials or the textbook.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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