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I hope you can not only give an answer, but also explain the related concepts and logic, thanks. Refer to the fullawirig figure depicting a

I hope you can not only give an answer, but also explain the related concepts and logic, thanks.

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Refer to the fullawirig figure depicting a situation in a campetiti're market: {a1 What is the enuilibrium in this market? Is it socially efficient? Explain your reasoning by reterring to the diagram. Can you give a reallite example at a market that could be characterised by this diagram? [T marks] in] Do you thinlt there will he a deadweiytt loss in equilibrium in this market? If your answer is ms. explain how it arises and how it can be represented on a diagram. If your answer is me. explain what features of this market lead to this outcome. [7 marks} is] Do you think this market reguires any form of government intervention? tl' vour answer is gas. explain the details of the politnlr by reterring to the tie-gram. ll 1your answer is no. explain why intervention is not required in this case {1' mi id] \"This diagram depicts a market where a single rm has significant market power. Therefore optimal government polio-f should also Ioolt into making this market more oompetitive Do you 3mm disagree? Explain your answer. [a marital

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