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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.
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
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