Question: 1 Explain the difference between monopoly and monopsony. 2 What are the characteristics of a monopoly market? How does it differ from a market of

1 Explain the difference between monopoly and monopsony. 2 What are the characteristics of a monopoly market? How does it differ from a market of monopolistic competition? Give examples of both types of markets. 3. Explain why monopoly is not a preferred market system. Exercises

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