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How could we argue that these markets are not competitive

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Reference no: EM13204275

Grocery stores and gasoline stations in a large city would appear to be examples of competitive markets. There are numerous relatively small sellers, each seller is a price - taker , and the products are quite similar.

a) How could we argue that these markets are not competitive?

b) Could each firm face a demand curve that is not perfectly elastic?

c) How profitable do you expect grocery stores and gasoline stations to be in the long run?

Reference no: EM13204275

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