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3. Discuss the long debate of economists whether there is a significant loss of well-being to society in markets that are monopolistically competitive rather than

3. Discuss the long debate of economists whether there is a significant loss of well-being to society in markets that are monopolistically competitive rather than perfectly competitive.

4. Explain the significant difference of the product distributed by a perfect competition which is homogenous product and differentiated product for the monopolistic completion. Cite an example in your arguments.

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