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Prices and outputs in the short run

All output markets which are less than purely competitive are characterized through: (1) domination of the market by some large firms. (2) individual firms that are very small to affect their prices. (3) freedom of entry and exit in the long run. (4) firms along with the power to individually adjust their prices and their outputs within the short run. (5) none of these characteristics is common to all forms of imperfect competition.

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