Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of
Question:
(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 the full answer
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Related Book For 
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
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