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27) Which of the following is not a necessary characteristic of a purely competitive industry? A) The industry or market demand is highly elastic. B)

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27) Which of the following is not a necessary characteristic of a purely competitive industry? A) The industry or market demand is highly elastic. B) Firms can easily enter or leave the industry. C) There are so many small firms that no one firm can influence the market price. D) Consumers see no difference between the product of one firm and that of another

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