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What do you understand by asymmetric information

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Reference no: EM131772851

Problem

1. What are the conditions that create barrier to entry for the new firm under monopolistic competition? What is the economic rationale for creating monopoly (for specified period) by granting patent to a firm?

2. What do you understand by 'asymmetric information'? What imbalance does it create in the market for the used goods?

Reference no: EM131772851

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