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BUECO5903 Business Economics - Microeconomics Assignment

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Question 2:

(a) What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram (2.5 marks for the diagram plus 2.5 marks for the explanation)
(b) Why and how do monopolistically competitive firms fail to achieve allocative efficiency? Illustrate and explain using a diagram. (2.5 marks for the diagram plus 2.5 marks for the explanation)

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