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What caught my attention the most while reading the article is the idea that given the disadvantages that accompany the current emphasis on perfect competition,
What caught my attention the most while reading the article is the idea that given the disadvantages that accompany the current emphasis on perfect competition, the current structure needs rethinking as more emphasis should be placed on noncompetitive markets with perfect competition as a special case. On that account, why do you think should empirical testing of models and model selection procedures be more emphasized?
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