Question

Market structure refer to number and type of firms operating in the industry. Economics
have used different ways to classify the markets in order to study.
Number of buyers and sellers, nature of commodity, freedom of movements of firm
knowledge of market, condition mobility of goods and factors of production.
11. Perfect competition has never existed and in another side perfect competition
considered as price taker and monopolistic a price maker.
1) Which firm gain abnormal profit?
2) Why perfect competition never existed?
3) What is the harm of monopoly?
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Answer 1

Answer:

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