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(a) In practice, can firms in monopolistic competition really set their own prices without reference to the pricing decisions of their competitors? Explain.(5 marks) (b)

(a) In practice, can firms in monopolistic competition really set their own prices without reference to the pricing decisions of their competitors? Explain.(5 marks)

(b) Why do firms in an oligopolistic industry have an incentive to collude? What are the factors that will influence the success or failure of their collusive efforts?(5 marks)

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