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MARKET STRUCTURE - Coggle Diagram
MARKET STRUCTURE
PERFECT COMPETITION
Definition
A type of market in which there are many sellers and buyers, homogeneous products
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Characteristics
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None of the firms are large enough to influence the market price and quantity (determined by supply and demand law)
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MONOPOLY
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Characteristics
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Economies of scale (a single firm can supply a good to an entire market at a smaller cost than could two or more firms) -> Natural monopoly
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