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Explain how oligopolies can work both for and against consumers.
Oligopolies market power can of course work against consumers - as price-setting and any form of collusion will lower consumer welfare. Yet it is also the fact that a lot of oligopolies in fact have to act in accordance with market demand basics and are therefore to a certain extent competitive.
MUa/MUb how it happens? and why this occur?
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List four characteristics of monopolistic competition
why the PPC curve slopes downward?
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