Compare the efficiency of monopoly and perfect competition, Macroeconomics

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Compare the efficiency of monopoly and perfect competition

Problem

a) Discuss the impact of competition in your own life as it relates to Matthew 25:14-30.

b) Discuss the economic factors that lead to the development of monopolies. Examples of monopolies include electric utilities, railroads, airlines, cable television, and sports leagues. Focus your answer on a specific industry.

c) Compare the efficiency of monopoly and perfect competition. Which is more efficient? Explain your reasoning and illustrate with a hypothetical example.

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Macroeconomics: Compare the efficiency of monopoly and perfect competition

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Macroeconomics: Compare the efficiency of monopoly and perfect competition

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