Question

Grocery stores and gasoline stations in a large city would appear to be examples of competitive markets: There are numerous relatively small sellers, each seller is a price-taker, and the products are quite similar.
a. How could we argue that these markets are not competitive?
b. Could each firm face a demand curve that is not perfectly elastic?
c. How profitable do you expect grocery stores and gasoline stations to be in the long run?



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  • CreatedNovember 18, 2014
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