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1. Critically evaluate and explain:
a. In a pure monopoly situation, the quality of goods and services is not always optimal, and competition should therefore be opened in this sector. Give an example of a natural monopoly operating in your region and explain the advantages and disadvantages of this situation.
b. In monopolistically competitive industries, economic profits are competed away in the long run. Hence, there is no valid reason to criticize these industries' performance and efficiency.
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