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Question - 1.A purely­ or perfectly­competitive firm would be characterized by which of the 
following? 
A.Large number of firms, price taker, free entry and exit, and standardized product 
B.Large number of firms, price maker, free entry and exit, and a differentiated product 
C.Small number of firms, price maker, limited entry and exit, and a standardized product 
D.One firm, price maker, limited entry and exit, and a unique product 
 
5.Oligopolies are characterized by a small number of firms where the top thr ...Read More

Solution Preview - onceptsMasteryQuestions Characteristics of Market Structures100yb 1579 Relationship of Pricing Strategy to Market Structure 100yb 246 Role of Profits100yb 3 Non-price Barriers to Entry100yb 81011 Product Differentiation100yb 1213141516171819 Reducing Costs100yb 20212223 Concept: Characteristics of Market Structures Mastery100ybQuestions1579 1. A p

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