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Market Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short-run Profit? Long-run Profit? Industry Examples Perfect Competition Many
Market Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short-run Profit? Long-run Profit? Industry Examples Perfect Competition Many Identical Yes P=MC Yes Yes Yes Market for sugar which includes white and brown sugar. Agriculture market that includes corn farming. Monopolistic Competition Many Differentiated No PMC No Yes Yes Local cable companies like Xfinity
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Principles of Economics
Authors: Fred M. Gottheil
7th edition
978-1133962069, 9781285064444, 1133962068, 1285064445, 978-1285064437
