Answered: How many real industries can you name…

How many real industries can you name that are oli-gopolies? How many operate under monopolistic com-petition? Perfect competition? Which of these is most difficult to find in reality? Why?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Monopolistic Competition

Section: Chapter Questions

Problem 2CQQ

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Question

How many real industries can you name that are oli-gopolies? How many operate under monopolistic com-petition? Perfect competition? Which of these is most difficult to find in reality? Why?

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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