Question: There are several differences between firms that operate within a perfectly competitive market and a monopolistically-competitive market. Firms in a perfectly competitive market produce an

There are several differences between firms that operate within a perfectly competitive market and a monopolistically-competitive market. Firms in a perfectly competitive market produce an identical product, whereas firms in a monopolistically competitive market produce a differentiated product. Describe 3 other major differences between these two market structures. (10marks)

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