Question

You work for a firm that makes and sell recycled pallets for injection molding. There are...

You work for a firm that makes and sell recycled pallets for injection molding. There are dozens of other companies that also sell supply plastic pellets and the pellets are completely interchangeable. Which market structure best describes the industry your firms likely operate in
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Answer #1

According to the information given , we can safely say that this is perfectly competitive market structure. It is given that there are dozens of other similar firms in the market that means there are large number of sellers. Also, the firms are selling completely interchangable product that means the product is homogenous.

There are a large number of firms selling homogeneous products. Therefore, it is most likely to be perfectly competititive market structure.

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