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Hypothesis: The behaviour of firms is determined by the degree of competition they face. When firms face “perfect competition” the market tends to allocate resources efficiently. However when they face less than perfect competition- market failures may arise that require government intervention….
Hypothesis: The behaviour of firms is determined by the degree of competition they face. When firms face “perfect competition” the market tends to allocate resources efficiently. However when they face less than perfect competition- market failures may arise that require government intervention….
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