Q.
a) Discuss the characteristics of the following market structure. Support your answer with examples.
i) Perfect competition (5 marks)
ii) Monopolistic competition (5 marks)
b) Monopoly is defined as a market structure where there is only one firm in the industry. For a firm to maintain its monopoly position, there must be barriers to the entry of new firms.
Discuss.
i) The various forms of barriers to entry in monopoly.
ii) The equilibrium position with diagram. (10 marks)
(20 marks, 2012 Q4)
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