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Suppose all firms produce in a perfect competitive marketplace. Illustrate what will happen to short run & long run equilibrium , if market demand decreases. describe with an aid of a diagram, why monopoly is inefficient but perfect competition is efficient.

describe with aid of a diagram why monopoly is inefficient but perfect competition is efficient. Is it valid to say that monopoly is no good and hence the government should break up all the monopolists and convert them into perfect competition?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922852

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