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What is a competitive market Briefly describe a type of market that is not perfectly

Chapter 4, Problem Questions for Review 4.1

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QUESTION:

What is a competitive market? Briefly describe a type of market that is not perfectly competitive.

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QUESTION:

What is a competitive market? Briefly describe a type of market that is not perfectly competitive.

ANSWER:

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The market is a vast concept as it covers all economic agents. The market reciprocates the actions of all producers and consumers by reaching the equilibrium level, whichever is possible.

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