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Unformatted text preview: You can find sample answers on website however I need different answers. Q1. How does pure competition differ from other basis market models? Pure competition differs from the other three basis market models in many ways: (1) it contains a very large number of firms, (2) there is no one firm that has control of the prices of the commodity or service offered in the marketplace, (3) there are either no obstacles to entry into the market or any existing obstacles to entry are negligible and (4) there is no non-price competition. Q2. What are the major characteristics of pure monopoly? The major characteristics of pure monopoly include: (1) the marketplace is comprised of a solitary firm, (2) the type of commodity or service being offered is unique and there are no close substitutes, (3) the one firm has considerable control of the commodity or...
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This note was uploaded on 03/29/2012 for the course ECON 200 taught by Professor Gilbert during the Spring '12 term at DeVry Houston.
- Spring '12