Question: Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following

Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit?
(a) A supermarket in your hometown;
(b) The steel industry;
(c) A Kansas wheat farm;
(d) The commercial bank in which you or your family has an account;
(e) The automobile industry. In each case justify your classification.

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Pure competition very large number of firms standardized products no control over price price takers no obstacles to entry no nonprice competition Pur... View full answer

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