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Illustrate and explain how the profit maximizing level of output is determined when markets are characterized by imperfect competition.

Illustrate and explain how the profit maximizing level of output is determined when markets are characterized by imperfect competition. Describe how markets in perfect competition differ from markets that are imperfectly competitive. What role does the firm have in determining market price under each condition?

Illustrate and explain how the profit maximizing level of output is
determined when markets are characterized by imperfect competition.
Describe how markets in perfect competition differ from markets that are
imperfectly competitive. What role does the firm have in determining
market price under each condition?

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