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An industry is characterized as having many firms, a differentiated product, no barriers to entry, and elastic demand
An industry is characterized as having many firms, a differentiated product, no barriers to entry, and elastic demand. What is its market structure?
a) Perfectly competitive
b) Oligopoly
c) Monopolistic competition
d) Monopoly
Expert Solution
The question is perfectly describing this market structure called a) Perfectly competitive
All other choices do not fit well to the definition of the perfect competition.
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