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Question:
(a) With reference to the characteristics of market structure, describe why the market for powdered milk in Mauritius is an appropriate example of monopolistic competition while the soft drink industry an appropriate example of oligopoly.
(b) Using appropriate diagrams, explain how a firm under monopolistic competition reaches equilibrium in the short run and in the long run.
(c) Describe the different pricing strategies of firms under oligopoly.
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contrast the longrun equilibrium positions of monopolistic competition firm and oligopoly
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Risk Aversion and Income - Variability in potential payoffs increases risk premium. - Example: A job has a .5% probability of paying $40,000 (utility of 20) and a 5 p
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importance of monopolistc competition in Indian market.
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