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Paper 1 (both a+b) essay (a) Explain why monopoly power may be considered a type of market failure. [10] (b) Examine the role of barriers

Paper 1 (both a+b) essay

(a) Explain why monopoly power may be considered a type of market failure. [10]

(b) Examine the role of barriers to entry in making monopoly a less desirable marketstructure than perfect competition. [15]

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