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

Answers: 3

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A. Identify the basic characteristics of each of the following market models:

i. Pure c...

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