⭐ Important points (exam-critical)
- ⭐Long-run profit: only normal profit in perfect & monopolistic competition.
- ⭐Price discrimination requires market segmentation and no resale.
- ⭐Cartels in oligopoly tend to be unstable (incentive to cheat).
- ⭐Kinked demand curve (Sweezy) explains price rigidity in oligopoly.
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