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Micro Unit 4 Intro- Imperfect Competition AP Economics

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Perfect Competition Short Run (1 of 2)- Old Version

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one seller/particular product, no competition, few if at all in usa

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Few large sellers, such as Burger King, Wendy's, McDonald's, domestic airline, automobile industries.

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lacking conditions of perfect competition, most firms/industries, less competition.

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Perfect Competition besides no identical products
Advertisement important "best product"

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large group/independent/well informed/buyers & sellers/identical products

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Competition of firms/same industry