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Q6. Assume that a monopolist and a perfectly competitive firm have the same unit costs. Contrast the two with respect to (a) price, (b) output,

Q6. Assume that a monopolist and a perfectly competitive firm have the same unit costs. "Contrast the two with respect to (a) price, (b) output, (c) profits, and (d) allocation of resources. (4 marks) Q7. Explain the long-run effect of an increase in market demand on an increasing cost industry

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