Virginia Tech ECON ECON 2005 1 Why is monopolistic competition considered to be the largest…

Virginia Tech ECON ECON 2005 1 Why is monopolistic competition considered to be the largest…

1 Why is monopolistic competition considered to be the largest market structure of all?

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2 If an industry selling a homogeneous product loses many of its sellers, until a few survive, which market structure would it become at this point? Explain.

3 Why are cartels unique to oligopolies? B) Can cartels form for everyday products and services? Give an example. C) And what makes a cartel?

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