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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If you see a product advertised on television, docs it follow that the product cannot be produced in a perfectly competitive market?

To determine

Relevance of advertisement in perfect competition.

Explanation

Perfect competitive market is a market structure with large number of buyers and sellers selling homogenous product. Advertisement does not play any role in an individual perfect competitive firm. The reason is that all the firms produce the same good or identical homogeneou...

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