Q.
a) Explain the characteristics of the following market structure. Support your answer with examples.
i) Perfect competition. (4 marks)
ii) Oligopoly. (4 marks)
b) Differentiate monopoly and monopolistic competition in terms of:-
i) Characteristics. (6 marks)
ii) Long-run equilibrium position. (6 marks)
(20 marks, 2013 Q4)
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