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MARKET STRUCTURES AND MARKET FAILURE
a) Explain why firms in perfectly competitive markets called price-takers?
b) Do the assumptions of the perfectly competitive model describe all real-world markets? Explain.
c) Explain why imperfectly competitive markets lead to inefficient outcomes?
d) Explain the four different types of barriers to entry in monopoly.
e) The table below represents the demand Island Cement which has a monopoly in the sale of cements. Complete the table and calculate total revenue and marginal revenue for the levels of output given.
f. Use the information in the table above and draw the graph of the market structure.
g. State what market failure is and discuss three causes of Market failure
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