ECN 601 Grand Canyon University Perfect and Monopolistic Competition Discussion
Question Description
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I’m working on a economics discussion question and need the explanation and answer to help me learn.
We all know that monopoly causes deadweight loss; therefore, monopoly means a loss for the society. Now, if a patent gives a firm monopoly power, why does the government give out patents? Explain.
Tell me the difference between perfect and monopolistic competition.
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