Why are the firms in perfectly competitive market

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1) In what ways are the perfectly competitive, monopoly, monopolistic and oligopoly markets different one for the other?

2) Why are the firms in perfectly competitive market called price taker?

3) Why do you think a perfectly competitive market does not actually exist in real world?

4) Even though a monopoly firm discriminates price but it still contributes to social welfare. Please make some arguments in favor of a monopoly market.

Reference no: EM132482082

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