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QUESTION

(a) One of the differences between a monopolistically competitive industry and a perfectly competitive one is that in the former, there is product differentiation. (i) Explain what is meant by product differentiation. (ii) Compare and contrast monopolistic competition and perfect competition.

(b) Explain the pricing strategies of an oligopoly market?

(c) To what extent is it true that monopolies are bad for the consumer?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M9586182

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