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Monopolistic Competition and Oligopoly:
It was recognized that most industries exhibit the features of monopolistic competition in real-life. However, it must be pointed out that the formal theory of oligopoly to date has not been conspicuously successful.The reason adduced is that it is very difficult to determine precisely how firms will react to the price and output decisions of their rivals.
when does price and output determined in the unregulated monopoly
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo
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