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Market structure (Perfect competition- a market for uniform products with…
Market structure
Perfect competition- a market for uniform products with many buyers and sellers, none of whom is able to affect the price.
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Buyers and sellers are free to enter into, conduct, or get out of business
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Monopolistic competition — a market in which many firms are selling similar but not identical products.
For examples:
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Consumer services, such as hairdressing.
monopsony — a buyers’ monopoly, a situation in which there is only one seller
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