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Structure-Conduct-Performance approach

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1. Explain the difference between monopoly and monopolistic competition.

2. Consider the shift of each firm's demand curve. In comparison with a monopoly, why would each firm's demand curve shift in? When might a firm have profit or incur loss?

3. Refer to the Figure 10.5 listed below. What would be the dominant strategy equilibrium in the game?

(see the attached diagram)

4. Briefly explain the Structure-Conduct-Performance approach to the study of industrial economics.

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The difference between monopoly and monopolistic competition is articulated.

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