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a) Briefly explain the sources of monopoly in the production of a commodity and how monopoly power can be constrained by the nature of the
a) Briefly explain the sources of monopoly in the production of a commodity and how monopoly power can be constrained by the nature of the demand curve.
(b) Explain, with appropriate graphical illustration(s), why firms in a perfectly competitive market would earn zero economic profits in the long run.
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