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CHAPTER ONE: ENVIRONMENT (Measuring economic performance (Business cycle
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CHAPTER ONE: ENVIRONMENT
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Types of competition
Perfect competition (there are many buyers & sellers of a product - no single buyer/ seller is powerful enough to affect the price
Monopolistic competition (there are many buyers and a relatively large number of sellers who differentiate their products from the products of their competitors)
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Monopoly(market with only one seller & there are barriers to keep other firms from entering the industry)
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