Explain why perfectly competitive industries are considered to be efficient whereas a monopoly industry is not.

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Explain why perfectly competitive industries are considered to be efficient whereas a monopoly industry is not.
It is important that you write in your own words from rough notes or from your memory of
what you have read. Copying out the relevant paragraphs from a suitable text is not
allowed, and will be penalised under the university rules concerning plagiarism.
:)

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