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Briefly indicate the basic characteristics of perfect competition
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Briefly indicate the basic characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly.  Under which of these market classifications does each of the following most accurately fit?  (a) a supermarket in your home town; (b) the steel industry; (c) a Saskatchewan  wheat farm; (d) the chartered bank in which you or your family has an account; (e) the automobile industry.  In each case justify your classification.

Perfect competition: very large number of firms; standardized products; no control over price: price takers; no obstacles to entry; no non-price competition.

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