Please make response to this question: 1. (a) Explain why, in markets dominated


Please make response to this question:
1. (a) Explain why, in markets dominated by a few firms, prices may remain relatively stable
(b) “An industry with a larger number of firms will experience lower prices and greater efficiency than an industry with a smaller number of firms.” Evaluate this view
Your analysis should go through these steps: 1. Define economic terms;2. Make example of economics terms; 3. Explain in depth using economics terms and theory; 4. Diagram each question should include 1-2 diagrams for evaluation


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