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Question:
(a) Differentiate between the characteristics of a perfectly competitive market and those of a monopoly market structure.
(b) To what extent is a monopoly market superior to that of a perfectly competitive one?
(c) Describe how an oligopolist can decide on the price of its products under the different pricing strategies.
Theories of Chamberlin’s monopolistic competition and Joan Robinson’s imperfect competition have revealed that a firm under monopolistic competition or imperfect competition in lon
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