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Activity

Part A

1. Give examples of a perfect competition and a monopoly.
2. Choose a firm and discuss the market structure in which you think it operates.
3. Give reasons for your answer.



Answer :

GinnyAnswer

Final answer:

Perfect competition involves many small firms selling identical products, while a monopoly is characterized by a single firm dominating the market.


Explanation:

Perfect competition is a market structure with many small firms selling identical products where no single firm has market control, such as farmers in a local market. On the other hand, a monopoly is a market structure where a single firm dominates the entire market, like Microsoft in the operating system market.


Learn more about market structures here:

https://brainly.com/question/30280211


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