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Social Studies, 20.02.2020 01:58, james22000
The widget industry has the following characteristics: over 600 producers with no one producer furnishing more than 0.5% of the industry’s total output; widgets produced by different firms are identical and there are no brands or labels on the product; there are no significant barriers to entry to the widget market; there is no economic profit in the long run. The widget market is best described as what type of market? Perfect competition Monopolistic competition Differentiated oligopoly Undifferentiated oligopoly Pure monopoly
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