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March 30, 2017

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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?

  • ECONOMICS - ,

    markup is very small, seldom do these sellers have much flexibility on price, espcially in the face of the large sellers who have a wholesale price advantage.

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