A. Identify the basic characteristics of each of the following market models:
i. Pure c...
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Business, 16.04.2020 22:41 gibbss80stu
A. Identify the basic characteristics of each of the following market models:
i. Pure competition:
A. Very large number of firms
B. One firm
C. No control over price
D. Many obstacles to entry
E. nonprice competition unanswered
ii. Pure monopoly:
A. One firm
B. Few firms
C. Unique product
D. Easy entry
E. Much control over price
iii. Monopolistic competition:
A. Differentiated products
B. Many firms
C. Unique product
D. Difficult entry
E Some price control unanswered
iv. Oligopoly:
A. Few firms
B. nonprice competition
C. Many obstacles to entry
D. No control over price
E. One firm
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