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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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Chapter
Section
BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

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

Subpart (a):

To determine
Classification of the market.

Explanation

Wooden no. 2 pencils are an example of perfectly competitive market as t...

Subpart (b):

To determine
Classification of the market.

Subpart (c):

To determine
Classification of the market.

Subpart (d):

To determine
Classification of the market.

Subpart (e):

To determine
Classification of the market.

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