Differentiate the concentration ratio between monopolistically competitive industries and perfectly competitive industry.

Differentiate the concentration ratio between monopolistically competitive industries and perfectly competitive industry.

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Explain why from society point of view, monopolistic competition might be preferred to perfect competition as an ideal market structure.

Sometimes when one of Australia’s big four banks unilaterally raises the interest rate, which it charges on loans, its rivals are very slow to follow. Nonetheless, eventually the rivals do normally raise their rates by much the same amount as the leader. Can you explain why banks, which follow, might think it is to their advantage to 

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