Sell their output in imperfectly competitive markets

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a. In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets.

b. Cite as many examples as you can of these types of businesses.

c. Explain why the profits of perfectly competitive markets tend to increase when there is an excess supply of the inputs they use in their production process.

Reference no: EM13743005

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