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A)Compare and contrast perfect competition and monopolistic competition with respect to theassumptions and characteristics of eachmarket. B) Compare and contrast their long run outcomes with

A)Compare and contrast perfect competition and monopolistic competition with respect to theassumptions and characteristics of eachmarket.

B) Compare and contrast their long run outcomes with respect to price, quantity, profit, firm size, market efficiency etc.

C)As a consumer when do you prefer PC orMC?Give some examples based on your own consumption.

Please give thorough answer with details

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