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What is perfect competition? What is the short run and the long run situations in it? What is a monopoly? What are the short run

  1. What is perfect competition? What is the short run and the long run situations in it?

  1. What is a monopoly? What are the short run and the long run situations in it?

  1. What is monopolistic competition? What is the short run and the long run situations in it?

  1. Why firms and producers are price takers in perfect competition and firms in monopoly price makers.

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