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Question 7 7.1. give an outline of the differentiating characteristics of a monopoly and an oligopoly market structure 10 marks 7.2. discuss the profit maximizing

Question 7

7.1. give an outline of the differentiating characteristics of a monopoly and an oligopoly market structure 10 marks

7.2. discuss the profit maximizing position of a perfectly competitive firm making economic profit in a short run and explain how it changes in a long run 10 marks

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