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SSSSS [86.1K]
3 years ago
6

Characteristics of competitive markets

Business
1 answer:
Greeley [361]3 years ago
7 0

Answer:

Explanation:

First scenario: The answer is No, not many sellers. The drug of the pharmaceutical company has patent right and it is the only firm selling this product. This makes the company a monopolist (single seller)

Second scenario: No, not an identical product. Cable company and phone company produce different products. Cable companies majorly deal with television access.

Third Scenario: no, not many sellers. One firm is dominating the market and customers prefers this. Its product has been differentiated and it can charge its own price.

Fourth scenario: yes,meets all assumptions. The socks are identical and consumers do not care about the seller because the same utility will be derived from the socks.

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