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1. Explain what a monopoly and a perfect competition is and their unique characteristics 2. Please explain what profit maximization is and how to find
1. Explain what a monopoly and a perfect competition is and their unique characteristics 2. Please explain what profit maximization is and how to find it in Both a Monopoly and a Perfect Competition Market 3. Give an example of a business in a monopoly and a perfect competition 4. Which market is more inelastic and why? 5. There is a term that is used in association with monopolies called Deadweight Loss. Please explain what it is and how you can decrease this loss
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