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Perfect and imperfect competition on the supply side (25) Draw a single diagram showing the perfectly competitive classical model and the wage setting / price
Perfect and imperfect competition on the supply side (25) Draw a single diagram showing the perfectly competitive "classical" model and the wage setting / price setting model. Discuss the differences between the two models in terms of
(a) Assumptions
(b) Methodology
(c) Implications, particularly the difference in response to a pandemic shock (you can focus on the shock's effect on supply chain).
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