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1) What do you understand by perfectly competitive market? 2

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1) What do you understand by perfectly competitive market?

2. What are the key characteristics of an oligopoly?

3. Why the Average Total Cost curve is U-shaped in the short-run while it is L-shaped in the long-run?

4. How do we interpret the cross-price elasticity of demand and the income-elasticity of demand?

5. What are the main characteristics of Monopolistic Competition? Differentiate between Monopoly and Monopolistic Competition?