1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which...

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1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit?

(a) a supermarket in your hometown;

(b) the steel industry;

(c) a Kansas wheat farm;

(d) the commercial bank in which you or your family has an account;

(e) the automobile industry. In each case, justify your classification.

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