In a purely competitive, in a purely competitive industrya each existing firm will engage, Business Economics

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In a purely competitive

In a purely competitive industry

a. each existing firm will engage in various forms of nonprice competition b. new firms are free to enter and existing firms are able to leave the industry very easily c. individual firms have a price policy d. each firm produces a differentiated (nonstandardized) product.

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Business Economics: In a purely competitive

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