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Out of the four main market structures, choose (i) a highly competitive market and (ii) a market characterised by little or no competition, and evaluate

Out of the four main market structures, choose (i) a highly competitive market and (ii) a market characterised by little or no competition, and evaluate each in terms of economic efficiency and economic welfare. Include relevant graphs in your answer, together with the concepts of consumer surplus, producer surplus and deadweight loss.

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