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_( Question 1 (15 marks) Q 1. a) (2 marks) Explain the degree of competition, price and Short Run and Long run prots of the

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_( Question 1 (15 marks) Q 1. a) (2 marks) Explain the degree of competition, price and Short Run and Long run prots of the following 2 market structures with examples: m in the blanks in the following table. Degree of Price Short run prot Long run competition (High to low) prot (high to low) Perfect Competition Monopolistic Competitiop Oligopoly Monopoly

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