1. List differences and similarities among monopolies, oligopolies and monopolistic competition. Give examples for each form of imperfect competition on the selling side. (10 points}
1. List differences and similarities among monopolies, oligopolies and monopolistic competition. Give examples for each form of imperfect competition on the selling side. (10 points} 2. What is the prot maximizing level of output in a perfectly competitive market? Show it graphically. (5 points} 3. Show market surplus and market shortage graphically and explain the conditions when they do happen. (10 points)
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