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Which Industry Type, Perfect Competition or Monopolistic Competition, Produces Less

question 79

Essay

Which industry type, perfect competition or monopolistic competition, produces less deadweight loss? Which industry type is preferred by society? Explain.


Definitions:

pH

Measure of the number of hydrogen ions in a water-based fluid.

Surface Tension

The elastic tendency of a fluid's surface that allows it to resist an external force, due to intermolecular forces.

Solvent

Liquid in which other substances dissolve.

Cohesion

The force that holds molecules of the same substance together, such as water molecules in a drop of water.

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