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1. Draw a figure to illustrate how the emergence of a monopoly leads to deadweight loss for society as a whole, and explain the circumstances

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1. Draw a figure to illustrate how the emergence of a monopoly leads to deadweight loss for society as a whole, and explain the circumstances that fix the amount of that deadweight. 2. Why does the typical monopolistically competitive firm have a downward-sloping demand curve for its product? 3. Compare the social efficiency of oligopolistic market outcomes to perfectly competitive market outcomes and monopoly outcomes

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