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UNIT \endash 3 LESSON \endash 16 MARKET STRUCTURES}\par} }{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-1800\shptop297\shpright10440\shpbottom297{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 9144}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-113\shptop524\shpright-113\shpbottom1658{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6096}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-113\shptop524\shpright8754\shpbottom524{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6095}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft8754\shptop524\shpright8754\shpbottom3394{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6095}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\pard\sl-200\slmult0\par \pard\sl-327\slmult0\par {\pard\plain \li3340\ql{\f1\b\fs24 Learning outcomes}\par} } {\pard\sl-280\slmult0\par

{\pard\plain \li0\ql{\f2\fs24 After studying this unit, you should be able to:}\par} }{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-113\shptop299\shpright8754\shpbottom299{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6095}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-154\shptop309\shpright-154\shpbottom2036{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6096}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-154\shptop309\shpright8754\shpbottom309{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6095}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\pard\sl-336\slmult0\par {\pard\plain \li720\ql{\f2\fs24 Define Market}\par} } {\pard\sl-26\slmult0\par {\pard\plain \li720\ql{\f2\fs24 Know different types of market structure}\par} } { {\pard\plain \li720\ri1140\nooverflow\ql{\f2\fs24 Distinguish between perfect competition, monopoly, and monopolistic competition}\par} } { {\pard\plain \li720\sl270\slmult1 \ri2840\nooverflow\ql{\f2\fs23 Relate national income and economic welfare Know per capita as an indicator of economic welfare}\par}

}{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft-154\shptop-24\shpright8754\shpbottom-24{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6096}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\pard\sl-233\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 INTRODUCTION:}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li0\ri0\nooverflow\qj\fi660 {\f2\fs24 Now we are starting the third unit. This unit will give you all the details of the different market structure. After reading this unit you will be able to know about the different types of markets.}\par} } { {\pard\plain \li0\ri0\nooverflow\qj{\f2\fs24 The number of firms and the level of product differentiation are useful parameters for classifying various market structures. The level of competition also gets influenced by product and production related factors, potential competitors, number of buyers and their behaviour and the governmental policies.}\par} } { {\pard\plain \li0\sl248\slmult1 \ri0\nooverflow\ql\fi3960 {\f2\fs24 We are now ready to analyze the various market forms in greater detail. That will be attempted in the subsequent units in this block.}\par} } {\pard\sl-227\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 Meaning of market:}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li0\sl244\slmult1 \ri0\nooverflow\qj\fi2160 {\f2\fs24 A market is a group of people and firms which are in contact with one another for the purpose of buying and selling some product. It is not necessary that every member of the market be in contact with each other.}\par} } {\pard\sl-233\slmult0\par

{\pard\plain \li60\ql{\f1\b\fs24 Markets and competition}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li0\ri0\nooverflow\qj\fi2640 {\f2\fs24 While all of us often use the word-'Market\rquote , we-do' Do not realize that very few, markets possess a well defined place in a geographical area or have a postal address. The Bombay, Stock Exchange is, one such market with a building and an area earmarked for transacting shares.}\par} } { {\pard\plain \li0\sl244\slmult1 \ri0\nooverflow\qj{\f2\fs24 The central phenomenon in the functioning of any market is competition. Competitive behavior is molded by the market structure of the product under consideration. It is therefore necessary to have a thorough understanding of this concept.}\par} } {\pard\sl-233\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 Meaning of Market structure:}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li0\ri0\nooverflow\ql\fi3120 {\f2\fs24 A simple definition of this concept can be found in Pappas and Hirschey (1985).}\par} } { {\pard\plain \li0\sl248\slmult1 \ri0\nooverflow\ql{\f2\fs24 According to them "Market structure refers to the number and size distribution of buyers and sellers in the market for a good or service. The market structure for a product not}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page2}{\*\bkmkend page2} \margl1800\margr1800\margt1420\margb1440\marglsxn1800\margrsxn1800\cols1\colno1\colw8640 { {\pard\plain \li0\sl271\slmult1 \ri0\nooverflow\ql{\f2\fs24 includes firms and individuals currently engaged in Buying and selling but also the potential entrants.}\par} } {\pard\sl-201\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 CLASSIEFICATION OF MARKET STRUCTURES:}\par} }

{\pard\sl-30\slmult0\par {\pard\plain \li0\sl248\slmult1 \ri0\nooverflow\ql\fi5280 {\f2\fs24 Markets are traditionally classified into four basic types. These are :}\par} } {\pard\sl-226\slmult0\par {\pard\plain \li0\sl247\slmult1 \ri0\nooverflow\ql{\f1\b\fs24 Perfect competition {\b0 is characterized by a large number of buyers and sellers of an} \b0 essentially identical product. Each member of the market, whether Buyer or seller, is so small in relation to the total industry volume that he is unable to influence the price of the product. Individual buyers' and sellers are essentially price takers. At the ruling price a firm can sell any quantity. Since there is free entry and free exit, no firm can earn excessive profits in the long run.}\par} } {\pard\sl-228\slmult0\par {\pard\plain \li0\sl252\slmult1 \ri0\nooverflow\qj{\f1\b\fs24 Monopoly{\b0 : In this situation there is just one producer of a product. The firm has} \b0 substantial control over the price: Further, if product is differentiated and if there are no threats of new firms entering the same business, a monopoly firm can manage to earn excessive profits over along period.}\par} } {\pard\sl-221\slmult0\par {\pard\plain \li0\sl245\slmult1 \ri0\nooverflow\qj{\f1\b\fs24 Monopolistic competition : {\b0 It is coined by E.M. Chamberlin \ldblquote implies a market structure} \b0 with a large number of firms selling differentiated products\rdblquote . The differentiation may be real or is perceived so by the customers. Two brands of soaps may just be identical but perceived by customers as different on some fancy dimension like freshness. Firms in such- -a market structure have some control over price! By and large they are unable to earn excessive profits in the long run. Since the whole structure operates on perceived product differentiation entry of new firms cannot be prevented. Hence, above normal profits can be earned only in the short run.}\par} } {\pard\sl-229\slmult0\par {\pard\plain \li0\sl257\slmult1 \ri0\nooverflow\qj{\f1\b\fs23 Oligopoly {\b0 is a market structure in which a small number of firms account for the whole} \b0 industry's output. The product mayor may not be differentiated. For example only 5 or 6 firms in India constitute 100% of the integrated steel industry's output. All of, them market almost identical products. On the other hand, passenger car industry with only three firms is

characterized by marked differentiation in products The .nature of products is such that very often one finds entry of new firms difficult. Oligopoly is characterized by vigorous competition where firms manipulate both prices and volumes in an attempt to outsmart their rivals. No generalization can be made about profitability scenarios.}\par} } {\pard\sl-221\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 PARAMETERS OF MARKET STRUCTURES:}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li0\sl242\slmult1 \ri0\nooverflow\qj\fi4980 {\f2\fs24 Now its clear that all the market structures use only two parameters as distinguishing factors-{\b number of firms and} \b degree of product differentiation. {\b0 Other factors like product characteristics and entry of} \b0 new firms are also important but these determine the level of competition in a given market structure.}\par} } {\pard\sl-239\slmult0\par {\pard\plain \li0\sl293\slmult1 \ri0\nooverflow\ql{\f2\fs23 In the real situation we will only find the imperfect market situation, and other market situations like perfect competition, monopoly, and oligopoly are all myth. From the}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page3}{\*\bkmkend page3} \margl1692\margr1693\margt1420\margb1440\marglsxn1692\margrsxn1693\cols1\colno1\colw8855 { {\pard\plain \li108\sl246\slmult1 \ri107\nooverflow\qj{\f2\fs24 above it is also clear that all these market structures can be classified in only two fundamental forms-Perfect Competition and Imperfect Competition. Under this classification Monopoly, Oligopoly and Monopolistic Competition are treated as special cases of markets which are less than perfect. Thus these forms illustrate the degree of imperfection in a market by using the number of firms and product differentiation as basic criteria.}\par} } {\pard\sl-235\slmult0\par {\pard\plain \li108\sl264\slmult1 \ri107\nooverflow\qj\fi60 {\f2\fs23 A convenient and effective classification scheme depicting types of competitive market structures is shown in the diagram. A close look at the diagram reveals that most real world markets are neither perfectly

competitive or perfectly monopolistic. Most industries that we come across can be classified in the realm of imperfect competition.}\par} } {\pard\sl-200\slmult0\par \pard\sl-200\slmult0\par \pard\sl-200\slmult0\par \pard\sl-200\slmult0\par \pard\sl-248\slmult0\par {\trqc\trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2788 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs23 Types of Competition}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl

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\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt16\clpadft3 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs23 Kind of Competition}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 Number}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\qr{{\f2\fs24 of}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs23 Part}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 of}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs23 Degree}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 of}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 Methods}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 of}\cell}\pard\intbl\qr \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2788 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt16\clpadft3 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row

\trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1590 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Producers and}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 Economy}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Control}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Marketing}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1590 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Degree}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\qr{{\f2\fs24 of}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs24 Where}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs23 Over Price}\cell}\pard\intbl\ql \pard\plain\intbl{\fs24\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \

cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth541 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Product}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 Dif-}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs23 Prevalent.}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth541 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh254\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl\ql\sl220\slmult1 {{\f2\fs24 ferentiation}\cell}\pard\intbl\ql \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh254\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2788 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs23 Perfect competition}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 Many}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 A}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 few}\cell}\pard\intbl\qr

\pard\plain\intbl\ql{{\f2\fs24 None}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Market}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2788 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972

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\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh312\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 products}\cell}\pard\intbl\ql \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs21\cell}\pard\intbl

\pard\plain\intbl{\fs21\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh312\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh218\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs15\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh218\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs24 Imperfect}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 competition:}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs24 Many}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Toothpastes,}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl

\pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs24 Many}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 differentiated}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs24 producers:}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 retail}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 trade;}\cell}\pard\intbl\qr \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt29\clpadft3 \cltxlrtb\clftsWidth3\clwWidth477 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvmgf\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvmgf\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt107\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs24 sellers}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 many}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 real}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 or}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs24 conglo-}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 some}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Advertising}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt29\clpadft3 \cltxlrtb\clftsWidth3\clwWidth477 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvmgf\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt115\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvmgf\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt107\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvmrg\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvmrg\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl

\pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 fancied}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs23 merates}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvmrg\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvmrg\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth826 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 differences}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs23 in}\cell}\pard\intbl\qr \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs23 and}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs23 quality}\cell}\pard\intbl\qr \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth826 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547

\row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 product}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs23 rivalry:}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1247 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh255\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1559 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs17\cell}\pard\intbl

\pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl{\fs17\cell}\pard\intbl \pard\plain\intbl\ql\sl221\slmult1 {{\f2\fs24 administered}\cell}\pard\intbl\ql \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh255\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1559 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl\ql{{\f2\fs24 Oligopoly}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Few}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 Steel,}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 prices}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh288\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836

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\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvmgf\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 little}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs24 or}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\qr{{\f2\fs24 no}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs24 Autos,}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth751 \cellx3539 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt49\clpadft3 \cltxlrtb\clftsWidth3\clwWidth297 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth180 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378

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\pard\plain\intbl\ql{{\f2\fs24 difference}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs23 in}\cell}\pard\intbl\qr \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvmrg\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth541 \cellx4378

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 product}\cell}\pard\intbl\ql \pard\plain\intbl\qr{{\f2\fs24 Few}\cell}\pard\intbl\qr \pard\plain\intbl\ql{{\f2\fs24 machinery}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1049 \cellx3836 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth541 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt110\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \row \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1229 \cellx4016 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth361 \cellx4378 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth763 \cellx5141 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth672 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1159 \cellx6972 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth324 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth733 \cellx8029 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth514 \cellx8543 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth312 \cellx8855 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth0 \cellx10547 \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl\ql{{\f2\fs24 producers:}\cell}\pard\intbl\ql \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs19\cell}\pard\intbl \pard\plain\intbl{\fs1\cell}\pard\intbl \trowd \trrh276\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1234 \cellx1234 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1554 \cellx2788

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\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1435 \cellx5813 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth1483 \cellx7296 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth1559 \cellx8855 \row } } {\pard\sl-393\slmult0\par {\pard\plain \li108\ql{\f1\b\fs24 FACTORS DETERMINING THE NATURE OF COMPETITION}\par} } {\pard\sl-200\slmult0\par \pard\sl-213\slmult0\par {\pard\plain \li108\sl243\slmult1 \ri107\nooverflow\qj\fi-91 {\f2\fs24 As we have seen that the number of firms and product differentiation are extremely crucial in determining the nature of competition in a market. It has been tactically assumed that there are a large number of buyers. What would happen if there are several firms producing a standardized product but only one buyer? Obviously,' the buyer would control the price, he will dictate how much to buy from whom. The entire price volume decision takes on a different qualitative dimension. Similarly, product features and characteristics the nature of production system the possibility of new entrants in a market have profound impact on the competitive behavior of firms in a market. Since the 'entry' of new entrants has special relevance in business behavior we reserve it to the next section and deal with other issues in the present one.}\par} } {\pard\sl-238\slmult0\par {\pard\plain \li108\ql{\f1\b\fs24 Effect on buyer}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li108\sl241\slmult1 \ri107\nooverflow\qj\fi1560 {\f2\fs24 We have already referred to the case where there is only one buyer. Such situation is defined as monopoly. For example, there are just six firms in India manufacturing railway wagons all of which supply to just one buyer The Railways. Such a situation can also exist in a local labor market where' a single large firm is the only provider of jobs for the people in the

vicinity. A recent example is the new petro- chemicals complex that is coming up in the rural parts of coastal Maharashtra.}\par} } {\pard\sl-243\slmult0\par {\pard\plain \li108\sl258\slmult1 \ri107\nooverflow\qj{\f2\fs23 More frequently encountered in the Indian markets is a case of a few large buyers, defined as Oligopoly. The explosives industry which makes detonators and commercial explosives has three major customers Coal India Ltd. (CIL), Department of Irrigation and various governmental agencies working on road building activities of these, just one customer, CIL takes nearly 60% of the. industry's output. There are about 10 firms. In the industry which negotiate prices and quantities 'with CIL to finalize their short term-plans.}\par} } {\pard\sl-93\slmult0\par {\pard\plain \li108\sl246\slmult1 \ri107\nooverflow\qj{\f2\fs24 Most industries manufacturing heavy engineering equipment are typified in India by a few manufacturers and few buyers with the Government being the major one. Price and volume determination in such products often takes the form of negotiation across table rather than the operation of any market forces. Since the members in the whole, market inclusive of buyers and sellers are not many very often they know each other. In other situations like the consumer goods firms have no direct contact with their customers.}\par} } {\pard\sl-231\slmult0\par {\pard\plain \li108\ql{\f1\b\fs24 Production Characteristics}\par} } {\pard\sl-100\slmult0\par {\pard\plain \li108\sl259\slmult1 \ri107\nooverflow\qj{\f2\fs23 Minimum efficient scale of production in relation to the overall industry output and market requirement sometimes playa major role in shaping the market structure. Why there are no more than say , 5 or 10 integrated steel plants even in an advanced country like the U.S.A. can be partly explained by this factor. Since the minimum economic size of such a steel plant is a few million tones, the entire world steel industry can have no more than JOO efficient and profitable firms. Thus every country has only a handful of}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page5}{\*\bkmkend page5} \margl1800\margr1800\margt1420\margb1440\marglsxn1800\margrsxn1800\cols1\colno1\colw8640

{ {\pard\plain \li0\sl255\slmult1 \ri0\nooverflow\qj{\f2\fs24 steel plants. On the other hand, when one comes to re-rolling mills which take the steel billets or bars as input, the minimum efficient size comes down considerably, and given the existing demand, several firms can be seen to operate.}\par} } {\pard\sl-224\slmult0\par {\pard\plain \li0\sl245\slmult1 \ri0\nooverflow\qj{\f2\fs24 Further, the minimum size does not remain constant but changes drastically with technological advancements, When technical changes push up the economic size of a plant one notices that the number of firms decline over time. This can be noticed in some process industries like synthetic fibre. Conversely, technological innovations may make it possible for smaller sized. plants to become economically viable. In such a case a lot of new entrants come and soon the market becomes highly competitive. Notice the personal computers entry in India.}\par} } {\pard\sl-236\slmult0\par {\pard\plain \li0\sl246\slmult1 \ri0\nooverflow\qj{\f2\fs24 Apart from minimum plant size factors like availability of the required raw material, Skilled labour etc. can also mould the market structure. Presently only one Indian source (IPCL) provides all the raw material for plastic products. Like wise, enough skilled people are not available work on the sophisticated machines. These factors sometimes restrict output and push up prices even though adequate market potential for expansion exists.}\par} } {\pard\sl-231\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 Product Characteristics}\par} } {\pard\sl-280\slmult0\par {\pard\plain \li0\sl242\slmult1 \ri0\nooverflow\qj{\f2\fs24 The above example referred to market situations with CTV and detergent powder as product examples. Both these markets have many firms and the products are differentiated. But in case {\i of CTV}, there are no close substitutes (BWTV) being a poor one, whereas, there are many substitutes to a detergent powder (bar soaps; chips, cakes). Therefore one notices more violent competition in the detergent Market than in the CTV. market. In the CTV industry firms are competing with each other's products but in the detergent market the firms are competing with other substitute products as well. Of course {\i you may} remind us of the customer income constraint but even with that there should be no difficulty in

appreciating the differences in the degree of c6mpet1tiveriess in these two markets. Similarly when two locations are connected by road and rail, firms engaged in passenger bus service are not only computing with themselves but also with an alternate mode of transport. . .}\par} } {\pard\sl-135\slmult0\par {\pard\plain \li0\sl246\slmult1 \ri0\nooverflow\qj{\f2\fs24 The physical characteristics or a product can also influence the competitive structure of its market. {\i If} the distribution cost is a major element in the cost {\i of} a product, competition would tend to get localised. Within a given region firms would compete and make attempts to set up several plants around all the major markets in a bid to show there presence in all the territories. Similarly, for perishable products, the competition is invariably local}\par} } {\pard\sl-235\slmult0\par {\pard\plain \li0\ql{\f2\fs24 Conflict between physical characteristics and minimum economic size,}\par} } {\pard\sl-272\slmult0\par {\pard\plain \li0\sl265\slmult1 \ri0\nooverflow\qj{\f2\fs23 An interesting question arises in the case of a product like cement . for reason {\i of} \i minimizing {\i0 the transport costs on raw materials,} most {\i0 cement plants in the country are} \i0 located near mine sites. A large efficient plant near a mine site can manufacture cement at the optimum cost, but the local demand is never large enough. {\i If} such a plant has to sell}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page6}{\*\bkmkend page6} \margl1800\margr1800\margt1420\margb1440\marglsxn1800\margrsxn1800\cols1\colno1\colw8640 { {\pard\plain \li0\sl250\slmult1 \ri0\nooverflow\qj{\f2\fs24 In far away markets (from Gujarat to Kerala, for example) the transport costs can be quite high. Customers located in such areas will always buy cement at a much higher price. The government partly offsets this by using the mechanism of levy price which is the same throughout the country.}\par} } {\pard\sl-200\slmult0\par \pard\sl-302\slmult0\par {\pard\plain \li60\ql{\f1\b\fs24 BARRIERS TO ENTRY}\par}

} {\pard\sl-280\slmult0\par {\pard\plain \li0\sl246\slmult1 \ri0\nooverflow\ql{\f2\fs24 In a classic book J .S. Bain (1956) analyzed the character and significance of the condition of entry in manufacturing industries. Till that time, most analyses of how competition works gave little. emphasis to the force of the potential or threatened competition of possible new competitors. The attention was simply focused on the competition among firms already established in an industry. Lately, however the meaning of competition is inclusive of potential entrants.}\par} } {\pard\sl-108\slmult0\par {\pard\plain \li0\sl270\slmult1 \ri0\nooverflow\ql{\f2\fs24 The existence or otherwise of 'entry barriers' in a given industry has profound impact on its performance and the behavior of firms in it.}\par} } {\pard\sl-206\slmult0\par {\pard\plain \li0\sl242\slmult1 \ri0\nooverflow\qj{\f2\fs24 If has been found that the firms in an industry are always worried about the possibility of a new entrant. If the existing number is few then the degree of insecurity will be correspondingly higher. To be sure, the existing firms, especially in an oligopoly, have .. some advantages over the potential, entrant. But, because of the threat of new entrants, the existing members cannot, exploit these advantages (by raising prices continuously) beyond a point. What that point is and when the new entrants would find it profitable to break the entry barriers are also not known. One thing is clear, that this potential competition always puts a check on the pricing strategies of oligopolists.}\par} } {\pard\sl-8\slmult0\par {\pard\plain \li0\ql{\f2\fs24 What can act as an entry barrier?}\par} } {\pard\sl-250\slmult0\par {\pard\plain \li0\sl255\slmult1 \ri0\nooverflow\qj{\f2\fs24 Anything that retains the competitive advantages of the existing firms in an industry can act as a barrier to those' desirous of entering it. Some of the commonly encountered aspects are indicated below.}\par} } {\pard\sl-221\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 High Initial Investment}\par}

} {\pard\sl-30\slmult0\par {\pard\plain \li0\sl241\slmult1 \ri0\nooverflow\qj{\f2\fs24 A new passenger car plant with a capacity to assemble say 50,000 automobiles per annum can cost around Rs.1O0,crores. You know that not many firms have the capacity to mobilize resources of that order. Naturally, there are high entry barriers to the automobile market due to high level of initial investment. For similar reasons, one does not find too many integrated steel plants coming up too often. On the other hand, it takes only a few lakhs of rupees to set up a biscuit making unit. The barrier on account of investment is quite low in such industries.}\par} } {\pard\sl-239\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 Economies of Scale in Non-production Activities}\par} } {\pard\sl-80\slmult0\par {\pard\plain \li0\sl247\slmult1 \ri0\nooverflow\qj{\f2\fs24 Scale economies are not restricted to manufacturing. These extend to distribution, marketing and advertising. Consumer products like soaps, toothpastes display considerable economies of scale in marketing and distribution. A nation-wide presence in these industries presupposes an efficient and penetrating distribution network, high order of brand related marketing skills and ability to service a fairly differentiated product line.}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page7}{\*\bkmkend page7} \margl1692\margr1692\margt1420\margb1440\marglsxn1692\margrsxn1692\cols1\colno1\colw8856 { {\pard\plain \li108\sl271\slmult1 \ri108\nooverflow\ql{\f2\fs24 Thus, one may find numerous local soap makers but there are substantial entry barriers to a new national brand penetrating the market.}\par} } {\pard\sl-201\slmult0\par {\pard\plain \li108\ql{\f1\b\fs24 Technology, Patents and Research}\par} } {\pard\sl-85\slmult0\par {\pard\plain \li108\sl245\slmult1 \ri108\nooverflow\ql{\f2\fs24 The ability to possess and commercially exploit certain specialized technology is one more

source of entry barrier. Specially chemicals, drugs, plastics are some of the industries where the difficulty of developing a new. product or a process is well understood. These are knowledge related factors. It is very difficult to penetrate an industry where a few existing firms have a strong research base and a large pool of product related patents. New entrants in such industries are often the employees of the existing firms breaking away to form a new entity.}\par} } {\pard\sl-231\slmult0\par {\pard\plain \li108\ql{\f1\b\fs24 Switching Costs}\par} } {\pard\sl-30\slmult0\par {\pard\plain \li108\ri108\nooverflow\qj{\f2\fs24 Take an industry like earthmoving machinery. For such an industry each firm has a few large customers like contractors, project authorities or coal mines. Consider that a customer has a fleet of say 10 machines of a given brand. When he replaces one machine or augments his fleet, more likely the choice would fall on the same brand. For him it means a familiar machine, known operational details, already trained operators and a host of other things like spare parts stocks. Thus, the cost of switching to a new brand can be fairly high,' These costs can act as entry barriers. Along with earthmoving machines the customer also has related equipment like loaders and dump trucks which he had purchased on the ground of compatibility with a given brand of the main machine.}\par} } { {\pard\plain \li2188\ql{\f2\fs24 .}\par} } { {\pard\plain \li108\sl242\slmult1 \ri108\nooverflow\qj{\f2\fs24 Take the case IBM. Why does every other personal computer.(PC) that one come as across claims {\i to} be an IBM compatible. It has {\i to} be {\i so,} because all the software is developed by using IBM standards. The PC cannot work without software. By developing industry level standards, IBM has created 'high switching costs' in an attempt \i to create {\i0 entry barriers.}}\par} } {\pard\sl-145\slmult0\par {\pard\plain \li108\sl245\slmult1 \ri108\nooverflow\qj{\f2\fs24 You will have notice a that' in oligopoly situations, firms should strive towards creating high entry barriers, if the industry does not possess those necessary characteristics. This is precisely what happens. If there are low entry barriers, new firms enter soon and the profitability of the existing firms

drops. Notice the state of the pocket calculator industry. There, are virtually no entry barriers and with the existence of cheap smuggled products, it is impossible {\i to} create them. As a result, most large firms are almost out of this market leaving it open {\i for} the small scale units.}\par} } {\pard\sl-235\slmult0\par {\pard\plain \li108\ql{\f2\fs24 Activity 7}\par} } {\pard\sl-276\slmult0\par {\pard\plain \li108\sl255\slmult1 \ri108\nooverflow\ql{\f2\fs24 The table below lists some industries Indicate in column 3 whether the entry barriers are high or low. Give reasons in column 4.}\par} } { {\trqc\trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt193\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt105\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \pard\plain\intbl\ql{{\f2\fs23 S.No.}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 Name of the Industry}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 Entry Barriers}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 Reasons}\cell}\pard\intbl\ql \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt193\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt105\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \row

\trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 1}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 Computer Software}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 2}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 Mainframe computers}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808

\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \row \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 3}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 Oil-field chemicals}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856

\pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 4}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 CNC machine tools}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \row } }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page8}{\*\bkmkend page8} \margl1692\margr1692\margt1424\margb1440\marglsxn1692\margrsxn1692\cols1\colno1\colw8856 { {\trqc\trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadr460\clpadfr3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2208 \cellx6643 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2213 \cellx8856 \pard\plain\intbl\qr\sl230\slmult1 {{\f2\fs24 5}\cell}\pard\intbl\qr \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 Breakfast cereals}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadr460\clpadfr3 \cltxlrtb\clftsWidth3\clwWidth808 \cellx808 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt100\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3628 \cellx4435

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{\pard\plain \li108\ql{\f1\b\fs24 THE ROLE OF GOVERNMENT POLICY}\par} } {\pard\sl-276\slmult0\par {\pard\plain \li108\sl244\slmult1 \ri108\nooverflow\qj\fi-38 {\f2\fs24 ,All governments, whether in India {\i or} abroad, impose taxes and duties. What is special about the Indian governmental policies is their ability to control price, ,quantity {\i of} production, distribution choice of product, location and almost every business decision {\i of} a firm. Some reference to these have been made in the previous sections. Presently we shall see the role {\i of} government policy in a synoptic way. Later, a full unit in Block N{\i o.} 5 will talk about the regulatory environment in detail.}\par} } {\pard\sl-1\slmult0\par {\pard\plain \li5668\ql{\f2\fs24 ,"}\par} } { {\pard\plain \li108\sl248\slmult1 \ri108\nooverflow\ql{\f2\fs24 Through its industrial licensing policies the Central Government has control over the following business decisions:}\par} } {\pard\sl-128\slmult0\par {\pard\plain \li108\ql{\f2\fs24 1 Choice of the product}\par} } {\pard\sl-26\slmult0\par {\pard\plain \li108\ql{\f2\fs24 2 Scale of production (capacity)}\par} } { {\pard\plain \li108\ql{\f2\fs24 3 Location {\i of} production}\par} } { {\pard\plain \li108\ql{\f2\fs24 4 Choice of technology}\par} } {\pard\sl-250\slmult0\par {\pard\plain \li108\sl250\slmult1 \ri108\nooverflow\qj{\f2\fs24 The policy on foreign collaborations also regulates the aspects pertaining to choice of technology. Import policies can have significant impact on the types and quantities of raw materials that would become available for production. Choice of machinery is also guide by the import regulations in force.}\par} } {\pard\sl-68\slmult0\par

{\pard\plain \li108\sl246\slmult1 \ri108\nooverflow\qj{\f2\fs24 Through levy of customs and excise duties, the price of the end products as well as the raw materials gets affected. Some industries like sugar aluminum, steel, edible. oils, cement are subject to price controls. These are administered through various Acts and, the job of determining prices is often entrusted to the Bureau of Industrial Costs and Prices under the Ministry of Industry. Firms in these industries are thus partly guided by market forces and partly by the Ministry in regard to their pricing decisions.}\par} } {\pard\sl-235\slmult0\par {\pard\plain \li108\sl243\slmult1 \ri108\nooverflow\qj{\f2\fs24 Apart from these, several state governments have their regulations for promoting (or restricting ) 'the growth bf certain industries. All things considered, the job of the business manager is made quite difficult in the Indian environment. Ironically, government steps ill to correct certain imperfections in the market but in the process adds a few of its own. The existence of many industries with only few firms is mainly attributable to the government policies which have acted as entry barriers for a long period of time. The picture is changing rapidly. There are fair chances that in the future market related forces would operate more on the price volume decisions of the firms, than the government, policy related factors.}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page9}{\*\bkmkend page9} \margl1800\margr1800\margt1417\margb1440\marglsxn1800\margrsxn1800\cols1\colno1\colw8640 { {\pard\plain \li0\ql{\f1\b\fs24 FOR SELF-ASSESSMENT TEST}\par} } {\pard\sl-280\slmult0\par {{\listtext{\pard\plain {\f1\b\fs24 1. }\tab}}\pard\plain \f1\b\fs24 \qj\fi-360\nowidctlpar\jclisttab\tx360\faauto\ls1\ilvl0\rin0\lin360\itap0 \sl251\slmult1 {\plain\f2\fs24 List and explain the factors that determine the element of competition in a market for either a product or a factor. }\par{\listtext{\pard\plain {\f2\fs24 2. }\tab}}\pard\plain \f2\fs24 \qj\fi-360\nowidctlpar\jclisttab\tx360\faauto\ls1\ilvl0\rin0\lin360\itap0 {\plain\f2\fs24 in the nature of prevailing competition that decides the classification of a market into perfect and imperfect. Based on your analysis, comment on the degree of perfection in the following markets }\par{\listtext{\pard\plain {\f2\fs24 a) }\tab}}\pard\plain \f2\fs24 \qj\fi-240\nowidctlpar\jclisttab\tx960\faauto\ls1\ilvl1\rin0\lin960\itap0 {\plain\f2\fs24 Labour market in Dubai }\par{\listtext{\pard\plain {\f2\fs24 b) }\tab}}\pard\plain

\f2\fs24 \qj\fi-260\nowidctlpar\jclisttab\tx980\faauto\ls1\ilvl1\rin0\lin980\itap0 {\plain\f2\fs24 Capital market in India, }\par{\listtext{\pard\plain {\f2\fs24 c) }\tab}}\pard\plain \f2\fs24 \qj\fi-240\nowidctlpar\jclisttab\tx960\faauto\ls1\ilvl1\rin0\lin960\itap0 {\plain\f2\fs24 Computer market in India }\par{\listtext{\pard\plain {\f2\fs24 d) }\tab}}\pard\plain \f2\fs24 \qj\fi-260\nowidctlpar\jclisttab\tx980\faauto\ls1\ilvl1\rin0\lin980\itap0 {\plain\f2\fs24 Bombay stock market }\par{\listtext{\pard\plain {\f2\fs24 e) }\tab}}\pard\plain \f2\fs24 \qj\fi-240\nowidctlpar\jclisttab\tx960\faauto\ls1\ilvl1\rin0\lin960\itap0 {\plain\f2\fs24 Wholesale vegetable market in a city like Delhi }\par} } {\pard\sl-250\slmult0\par {\pard\plain \li0\sl271\slmult1 \ri0\nooverflow\ql{\f2\fs24 3 What do you mean by the term -"barriers to entry"? State and explain the factors that cause such barriers.}\par} } {\pard\sl-63\slmult0\par {\pard\plain \li0\sl250\slmult1 \ri0\nooverflow\ql{\f2\fs24 4 In theory, we talk about barriers to entry' in practice ( in India ) we have barriers to exit' our sick units are not allowed to die a natural death. Comment.}\par} } {\pard\sl-2\slmult0\par {\pard\plain \li0\ri0\nooverflow\qj\fi-0 {\f2\fs24 5 In what ways, does monopolistic competition differ from perfect competition? Give real world examples to illustrate your answer. (You may re-do the same question when you have run down the entire reading}\par} } { {\pard\plain \li0\ql{\f2\fs24 material of the present Block.)}\par} } {\pard\sl-113\slmult0\par {\pard\plain \li0\sl311\slmult1 \ri3540\nooverflow\ql{\f2\fs24 6 Review your understanding of the following terms: a) .Cut-throat-competition .}\par} } {\pard\sl-2\slmult0\par {{\listtext{\pard\plain {\f2\fs24 b) }\tab}}\pard\plain \f2\fs24 \qj\fi-260\nowidctlpar\jclisttab\tx260\faauto\ls2\ilvl0\rin0\lin260\itap0 {\plain\f2\fs24 Oligopoly / Duopoly }\par{\listtext{\pard\plain {\f2\fs24 c) }\tab}}\pard\plain \f2\fs24 \qj\fi-240\nowidctlpar\jclisttab\tx240\faauto\ls2\ilvl0\rin0\lin240\itap0 {\plain\f2\fs24 Bilateral monopoly }\par{\listtext{\pard\plain {\f2\fs24 d) }\

tab}}\pard\plain \f2\fs24 \qj\fi-260\nowidctlpar\jclisttab\tx260\faauto\ls2\ilvl0\rin0\lin260\itap0 {\plain\f2\fs24 Duopsony/Oligopsony }\par{\listtext{\pard\plain {\f2\fs24 e) }\tab}}\pard\plain \f2\fs24 \qj\fi0\nowidctlpar\jclisttab\tx247\faauto\ls2\ilvl0\rin6200\lin0\itap0 {\plain\f2\fs24 Product differentiation f ) Price volume decision }\par{\listtext\tab}\pard\qj\nowidctlpar\jclisttab\faauto\rin0\lin0\itap0 {\plain\f2\fs24 7 Write a lucid essay on the "Determinants of Price-Output Decisions". }\par} } {\pard\sl-246\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 Activity}\par} } {\pard\sl-280\slmult0\par {\pard\plain \li720\sl251\slmult1 \ri0\nooverflow\ql\fi-360 {\f2\fs24 a) Identify monopoly industries in the public sector and private sector manufacturing and services sectors.}\par} } {\pard\sl-1\slmult0\par {\pard\plain \li0\ql{\f2\fs24 }\par} } { {\pard\plain \li0\ql{\f2\fs24 }\par} } { {\pard\plain \li0\ql{\f2\fs24 }\par} } { {\pard\plain \li0\ql{\f2\fs24 }\par} } { {\pard\plain \li0\ql{\f2\fs24 }\par} } { {\pard\plain \li0\ql{\f2\fs24 }\par} } { {\pard\plain \li0\ql{\f2\fs24 ..}\par} } { {\pard\plain \li0\ql{\f2\fs24 }\par} } {\pard\sl-249\slmult0\par {{\listtext{\pard\plain {\f2\fs24 b) }\tab}}\pard\plain

\f2\fs24 \qj\fi-360\nowidctlpar\jclisttab\tx720\faauto\ls3\ilvl0\rin0\lin720\itap0 \sl293\slmult1 {\plain\f2\fs24 The table below gives information on some Indian industries which exhibit "different degrees of imperfection in their market structures. Fill in the last }\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page10}{\*\bkmkend page10} \margl1692\margr1692\margt1420\margb1440\marglsxn1692\margrsxn1692\cols1\colno1\colw8856 { {\pard\plain \li828\sl271\slmult1 \ri108\nooverflow\ql{\f2\fs24 column by specifying the type of competition that is most likely to prevail in these industries.}\par} } {\pard\sl-209\slmult0\par {\trqc\trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt103\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql{{\f2\fs23 S.No.}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Name of Industry}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Number of firms}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 'Type of competition}\cell}\pard\intbl\ql \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt103\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row

\trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 1}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Tractor}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 10}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 2}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 Vanaspati (ghee) .}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 22}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\

clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 3}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Edible oil}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 3600}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\

brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 4}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 Sugar}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 326}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 5}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Cigaretts}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 5}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\

brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 6}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Caustic soda}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 24}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 7}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Passenger cars}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 3}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl

\trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 8}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Commercial vehicles}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 11}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \

cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 9}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Cement}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 40}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 10}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Earthmoving equipment}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 10}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \

cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 11}\cell}\pard\intbl\ql \pard\plain\intbl\ql{{\f2\fs23 Soaps}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl232\slmult1 {{\f2\fs24 20}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh267\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 12}\cell}\pard\intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 Synthetic detergents}\cell}\pard\

intbl\ql \pard\plain\intbl\ql\sl230\slmult1 {{\f2\fs24 16}\cell}\pard\intbl\ql \pard\plain\intbl{\fs18\cell}\pard\intbl \trowd \trrh266\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth916 \cellx916 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt112\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3502 \cellx4417 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \clpadt111\clpadft3 \cltxlrtb\clftsWidth3\clwWidth2188 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row \trowd \trrh312\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth6605 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \pard\plain\intbl\ql{{\f2\fs24 Sources: Centre for Monitoring Indian Economy, Bombay}\cell}\pard\intbl\ql \pard\plain\intbl{\fs21\cell}\pard\intbl \trowd \trrh312\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt108\clpadft3 \cltxlrtb\clftsWidth3\clwWidth6605 \cellx6605 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth2251 \cellx8856 \row } } {\pard\sl-226\slmult0\par {\pard\plain \li108\sl244\slmult1 \ri108\nooverflow\qj{\f2\fs24 c) All the' firms in the sugar and cement industries produce almost identical products and there are many firms. Price control prevails in these industries. Each firm in the industry must sell a part of the output at a price determined by the government. In what way the performance of these industries would differ from say the caustic soda industry where no such price control exists?}\par} } {\pard\sl-3\slmult0\par {\pard\plain \li108\ql{\f2\fs24 -}\par}

} { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 ..}\par} } { {\pard\plain \li108\ql{\f2\fs24 ..}\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } {\pard\sl-200\slmult0\par \pard\sl-200\slmult0\par \pard\sl-217\slmult0\par {\pard\plain \li108\sl271\slmult1 \ri108\nooverflow\ql{\f2\fs24 A ) Obtain information about the Freight Equalis31ion Scheme in steer and analyse its impact on the price {\i of} various steel products in different locations.}\par} } {\pard\sl-20\slmult0\par {\pard\plain \li108\ql{\f2\fs24 }\par} } {\pard\sl-26\slmult0\par {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par}

} { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } { {\pard\plain \li108\ql{\f2\fs24 }\par} } {\pard\sl-64\slmult0\par {\pard\plain \li108\sl271\slmult1 \ri108\nooverflow\ql{\f2\fs24 B ) Describe compitetive situation in the market for a product with one dominant buyer and one dominant seller.}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page11}{\*\bkmkend page11} \margl1800\margr1120\margt1440\margb1440\marglsxn1800\margrsxn1120\cols2\colno1\colw4340\colsx780\colsr780\colno2\colw4200 {\pard\sl-200\slmult0\par \pard\sl-200\slmult0\par \pard\sl-200\slmult0\par \pard\sl-205\slmult0\par {\pard\plain \li0\ql{\f1\b\fs24 POINTS TO PONDER}\par} }{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0\shpleft1387\shptop43\shpright4624\shpbottom2475{\sp{\sn shapeType}{\sv 1}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fillColor}{\sv 14811135}}}} {\shp{\*\shpinst\shpleft1387\shptop43\shpright1602\shpbottom1772 \shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0 {\sp{\sn shapeType}{\sv 1}} {\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLine}{\sv 0}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 10144972}} }} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft3813\shptop578\shpright4461\shpbottom578{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 41147}} {\sp{\sn lineColor}{\sv 11711154}} {\sp{\sn lineDashing}{\sv 0}}}}

{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft1520\shptop572\shpright4460\shpbottom572{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 4152}} {\sp{\sn lineColor}{\sv 3342387}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft1382\shptop1772\shpright1602\shpbottom1772{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 9766}} {\sp{\sn lineColor}{\sv 3342387}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft1382\shptop38\shpright1382\shpbottom2485{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6095}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft1382\shptop38\shpright4633\shpbottom38{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 6095}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft4633\shptop38\shpright4633\shpbottom2485{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 12192}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\

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{\pard\plain \li0\sl271\slmult1 \ri0\nooverflow\ql\fi-121 {\f10\b\fs12 In the monopoly {\b0 situation there is just one} \b0 producer of a product. The firm has substantial control over the price: Further, if product is differentiated and if there are no threats of new firms entering the same business, a monopoly firm can manage to earn excessive profits over along period.}\par} }\sect\sbkpage\sectd\pard\plain \pgwsxn12240\pghsxn15840 {\*\bkmkstart page13}{\*\bkmkend page13} \margl3182\margr1120\margt1440\margb1440\marglsxn3182\margrsxn1120\cols1\colno1\colw7938 {\pard\sl-7\slmult0\par {\trqc\trowd \trrh441\trleft361\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1955 \cellx2316 \pard\plain\intbl\ql{{\f8\cf4 \fs18 Monopolistic competition}\cell}\pard\intbl\ql \trowd \trrh441\trleft361\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth1955 \cellx2316 \row } }{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0\shpleft5\shptop-427\shpright3241\shpbottom2005{\sp{\sn shapeType}{\sv 1}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fillColor}{\sv 14811135}}}} {\shp{\*\shpinst\shpleft4\shptop-427\shpright219\shpbottom1301 \shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0 {\sp{\sn shapeType}{\sv 1}} {\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLine}{\sv 0}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 10144972}} }} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft2431\shptop107\shpright3079\shpbottom107{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 41148}} {\sp{\sn lineColor}{\sv 11711154}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft138\shptop101\shpright3077\shpbottom101{\sp{\sn

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} {\pard\sl-25\slmult0\par {\pard\plain \li478\sl125\slmult1 \ql{\f7\fs12 E.M. Chamberlin implies a market structure}\par} } { {\pard\plain \li478\sl202\slmult1 \ql{\f7\fs12 with a large number of firms selling}\tx3717\tab{\f2\fs24 ___________________________________}\par} } { {\pard\plain \li478\ql{\f7\fs12 differentiated products. Firms in such- -a}\par} } {\pard\sl-13\slmult0\par {\pard\plain \li478\sl127\slmult1 \ql{\f7\fs12 market structure have some control over}\tx3717\tab{\f2\fs24 ___________________________________}\par} } {\pard\sl-5\slmult0\par {\trqc\trowd \trrh151\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs10\cell}\pard\intbl \pard\plain\intbl\ql{{\f7\fs12 price! By and large they are unable to earn}\cell}\pard\intbl\ql \trowd \trrh151\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row \trowd \trrh166\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs11\cell}\pard\intbl \pard\plain\intbl\ql{{\f7\fs12 excessive profits in the long run}\cell}\pard\intbl\ql \trowd \trrh166\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrnone \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row

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} } { {\trqc\trowd \trrh747\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt123\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs24\cell}\pard\intbl \pard\plain\intbl\ql{{\f10\b\fs12 Oligopoly {\b0 is a market structure in which a small}}\cell}\pard\intbl\ql \trowd \trrh747\trleft0\clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrs\brdrw20 \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt123\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row \trowd \trrh152\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs10\cell}\pard\intbl \pard\plain\intbl\ql{{\f7\fs12 number of firms account for the whole}\cell}\pard\intbl\ql \trowd \trrh152\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row \trowd \trrh166\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs11\cell}\pard\intbl \pard\plain\intbl\ql{{\f7\fs12 industry's output.}\cell}\pard\intbl\ql \trowd \trrh166\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrnone \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \

cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \clpadt243\clpadft3 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row \trowd \trrh648\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20\brdrcf4 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs24\cell}\pard\intbl \pard\plain\intbl{\fs24\cell}\pard\intbl \trowd \trrh648\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20\brdrcf4 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrnone \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row \trowd \trrh693\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \pard\plain\intbl{\fs24\cell}\pard\intbl \pard\plain\intbl{\fs24\cell}\pard\intbl \trowd \trrh693\trleft0\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw20 \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth235 \cellx235 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw20 \clbrdrr\brdrs\brdrw20 \cltxlrtb\clftsWidth3\clwWidth3016 \cellx3251 \row } }{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0\shpleft5\shptop-2441\shpright3241\shpbottom-9{\sp{\sn shapeType}{\sv 1}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fillColor}{\sv 14811135}}}} {\shp{\*\shpinst\shpleft4\shptop-2441\shpright219\shpbottom-712 \shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0 {\sp{\sn shapeType}{\sv 1}} {\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLine}{\sv 0}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 10144972}} }}

{\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft2431\shptop-1906\shpright3079\shpbottom-1906{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 41147}} {\sp{\sn lineColor}{\sv 11711154}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz1\shpleft138\shptop-1912\shpright3077\shpbottom-1912{\sp{\sn shapeType}{\sv 20}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn lineWidth}{\sv 4152}} {\sp{\sn lineColor}{\sv 3342387}} {\sp{\sn lineDashing}{\sv 0}}}} {\shp{\*\shpinst\shpleft3236\shptop-14\shpright3255\shpbottom5 \shpfhdr0\shpbxcolumn\shpbypara\shpwr3\shpfblwtxt1\shpz0 {\sp{\sn shapeType}{\sv 1}} {\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLine}{\sv 0}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} }} }