One common assumption in economics is that the products of different firms in the same industry are

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One common assumption in economics is that the products of different firms in the same industry are indistinguishable.

For each of the following industries, discuss whether this is a reasonable assumption:

a. steel

b. novels

c. wheat

d. fast food

e. mobile phones (think carefully about this one)

f. hairdressers.

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Economics

ISBN: 9781473768543

5th Edition

Authors: Gregory Mankiw, Mark P. Taylor

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