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Answer the following questions about market structures. 1. Suppose two passengers end up with a reservation for the last seat on a train from San

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Answer the following questions about market structures. 1. Suppose two passengers end up with a reservation for the last seat on a train from San Francisco to Los Angeles. Two alternatives arc proposed: a. Toss a coin. b. Sell the ticket to the highest bidder. Compare the two options from the standpoint of efficiency and equity. 2. Explain why a monopoly faces no supply curve

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