Chapter 10 discusses monopolistic competition. What is the primary requirement for a market to be competitive? How does competition affect the following?
a) the cost efficiency of producers
b) the quality of products
c) the discovery and development of new products
Can you present an example from your professional or other experience?
Chapter 11 discusses monopolistic and oligopolistic markets. Can you describe the basic characteristics of a monopoly? Is it subject to any competitive pressures?
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