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9.(8 pts) What are the distinguishing features of the cereal industry-number of firms, entry conditions, product differentiation and the conduct of firms? Is the cereal

9.(8 pts) What are the distinguishing features of the cereal industry-number of firms, entry conditions, product differentiation and the conduct of firms? Is the cereal industry an example of monopoly, monopolistic competition, perfect competition or oligopoly? Explain your reasoning carefully

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