Lins makes fortune cookies. Anyone can make and sell fortune cookies, so there are dozens of producers.
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Lin’s makes fortune cookies. Anyone can make and sell fortune cookies, so there are dozens of producers. All fortune cookies are the same and buyers and sellers know this fact. In what type of market does Lin’s operate? What determines the price of fortune cookies? What determines Lin’s marginal revenue?
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Lins operates in a Perfect Competition market Perfect competition is a type of market structure char...View the full answer
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