Pure competition-pure monopoly-oligopoly
Problem: How does monopolistic competition differ from a) pure competition; b) pure monopoly; c) oligopoly? Explain fully what product differentiation entails.
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The industry is characterized by big economies of scale and strong experience curve effects
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The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table.
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