Homework Help: Economics

Posted by Anonymous on Sunday, February 19, 2012 at 1:56pm.

Grocery stores and gasoline stations in a large city would appear to be examples of competitive markets: There are numerous relatively small sellers, each seller is a price taker, and the products are quite similar. a. How could we argue that these markets are not competitive? b. Could each firm face a demand curve that is not perfectly elastic? c. How profitable do you expect grocery stores and gasoline stations to be in the long run?

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