Question: a) Explain the concepts: AFC, AVC, ATC and MC. b)Explain briefly the various types of costs with suitable examples. c)What is the difference between monopoly

a) Explain the concepts: AFC, AVC, ATC and MC.

b)Explain briefly the various types of costs with suitable examples.

c)What is the difference between monopoly and monopolistic competition?

d)Distinguish between oligopoly and duopoly market.

e) Define production function and Cobb-Douglas production function

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