Pure competition exists when a market has homogeneous products, many buyers and sellers, and ease of entry for buyers and sellers.
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Q28: In pure competition situations, each seller usually
Q29: The "law of diminishing demand" says that:
A)
Q30: The equilibrium point is where the quantity
Q31: In monopolistic competition, individual firms have down-sloping
Q32: A firm in monopolistic competition faces no
Q34: If a firm's total revenue DECREASES when
Q35: Some customers get a consumer surplus because
Q36: In an oligopoly situation, a "price war"
Q37: If supply is elastic, the supply curve
Q38: The elasticity of the firm's demand curve,
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