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Characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly

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.

Last Updated on February 11, 2019

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