How does a lack of competition affect prices and output, Finance Basics

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How does a lack of competition affect prices and output

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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Finance Basics: How does a lack of competition affect prices and output

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