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Question:
(a) Differentiate between the characteristics of a perfectly competitive market and those of a monopoly market structure.
(b) To what extent is a monopoly market superior to that of a perfectly competitive one?
(c) Describe how an oligopolist can decide on the price of its products under the different pricing strategies.
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Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour
a. Determine Australia’s market equilibrium for TV sets. i. (1) What are the equilibrium price and quantity?
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1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
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