Answered: Think about a noncompetitive market…

Think about a noncompetitive market inwhich you participate regularly. Explain whichcharacteristic(s) of competitive markets your market does not meet

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter4: Markets In Action

Section: Chapter Questions

Problem 7SQP

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Concept explainers

Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.

Question

Think about a noncompetitive market in
which you participate regularly. Explain which
characteristic(s) of competitive markets your market does not meet

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