CHAPTER 23 - CHAPTER 23 1 Which of the following industries...

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CHAPTER 23 1. Which of the following industries most closely approximates pure competition? A) agriculture B) farm implements C) clothing D) steel 2. In which of the following industry structures is the entry of new firms the most difficult? A) pure monopoly B) oligopoly C) monopolistic competition D) pure competition 3. An industry comprised of a very large number of sellers producing a standardized product is known as: A) monopolistic competition B) oligopoly C) pure monopoly D) pure competition 4. A purely competitive seller is: A) both a "price maker" and a "price taker." B) neither a "price maker" nor a "price taker." C) a "price taker." D) a "price maker." 5. The demand schedule or curve confronted by the individual purely competitive firm is: A) relatively elastic, that is, the elasticity coefficient is greater than unity. B) perfectly elastic. C) relatively inelastic, that is, the elasticity coefficient is less than unity. D) perfectly inelastic.
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CHAPTER 23 - CHAPTER 23 1 Which of the following industries...

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