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(a)Compare the characteristics of a perfect competitive market structure and a monopoly. (b) Compare price and output decisions of a perfect competitive market structure and
(a)Compare the characteristics of a perfect competitive market structure and a monopoly.
(b) Compare price and output decisions of a perfect competitive market structure and a monopoly
(c))Briefly explain what is the difference between a price maker and price taker?
(d))Diagrammatically show and explain the demand, total, marginal and average revenue curves of a price taker.
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