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Corn farmers most closely fit the description of a _______ firm. New car manufacturers, such as...

Corn farmers most closely fit the description of a _______ firm.

New car manufacturers, such as General Motors, Ford, Chrysler, Toyota, etc., most closely fit the description of a firm in an _______ market.

The local electric utility most closely fits the description of a _______.

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Answer #1

Solution:-Perfectly competitive; oligopoly; monopoly

Explaination:-

Corn farmers most closely fit the description of a Perfectly competitive firm.New car manufacturers, such as General Motors, Ford, Chrysler, Toyota, etc., most closely fit the description of a firm in an oligopolymarket.The local electric utility most closely fits the description of a monopoly.In competitive markets, many sellers provide similar products. Many corn farmers supply corn to the market, and the corn that is supplied to the market is similar from each seller.

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