The Importance of Competition After reading chapters 5 and 6 and Special Topic 5, write a 2-page paper describing the importance of competition in markets. How does a lack of competition affect price

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The Importance of Competition

After reading chapters 5 and 6 and Special Topic 5, write a 2-page paper describing the importance of competition in markets.  How does a lack of competition affect prices and output?  Describe what the role of government is in markets vis-a-vis firms in the market.

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