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Question:
(a) With reference to the characteristics of market structure, describe why the market for powdered milk in Mauritius is an appropriate example of monopolistic competition while the soft drink industry an appropriate example of oligopoly.
(b) Using appropriate diagrams, explain how a firm under monopolistic competition reaches equilibrium in the short run and in the long run.
(c) Describe the different pricing strategies of firms under oligopoly.
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#queA monopolist has a constant marginal and average cost of $10 and faces a demand curve Of Qd = 1000-10P. Marginal revenue is given by MR= 1000-1/5Q. stion..
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