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Match the characteristics with their market structure: (a) Price > MC in both short and long run (b) Faces highly elastic demand

(a) Monopolistic competition, (b) Pure competition
(a) Pure Monopoly, (b) Monopolistic competition
(a) Pure competition, (b) Monopolistic competition
(a) Oligopoly, (b) Pure competition

Correct Answer: (a) Pure Monopoly, (b) Monopolistic competition

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