Classify the following markets as perfectlycompetitive, monopolistic, or monopolisticallycompetitive, and explain your answers.a. wooden no. 2 pencilsb. copperc. local electricity serviced. peanut buttere. lipstick

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter14: Monopolistic Competition And Product Differentiation
Section: Chapter Questions
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Classify the following markets as perfectly
competitive, monopolistic, or monopolistically
competitive, and explain your answers.
a. wooden no. 2 pencils
b. copper
c. local electricity service
d. peanut butter
e. lipstick

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