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Which of the following is NOT one of the characteristics of a competitive industry? a
Which of the following is NOT one of the characteristics of a competitive industry?
a. The sellers closely monitor each other's actions.
b. The product is similar across sellers.
c. There are many buyers in the market.
d. There are many sellers or potential sellers.
Expert Solution
a. The sellers closely monitor each other's actions
There is large number of buyers and sellers in the economy and hence it is not possible to monitor the actions and reactions of each other.
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