Gift shops in a small town sell identical mugs to tourists.However,tourists don't have enough time to check out the prices one by one and don't have brochures listing prices of mugs.We can conclude

Question

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The fact that tourists do not have full information on the prices and do not have access to brochures listing prices suggests that the market is not perfectly competitive. In a perfectly competitive market, buyers have full information and all sellers offer the same price for identical products.

Gift Shops in a Small Town Sell Identical Mugs to Tourists.However,tourists