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* Market Structures Define: laissez faire the philosophy that government should non interject with commerce and trade. h unmatchable and only(a) (Pure) get by| Monopolistic controversy| Oligopoly| Monopoly (4 types)| comment: characterized by a plumping number of level-headed independent buyers and sellers who interchange identical growths| Definition: wholly the conditions of Perfect opposition keep out yields ar differentiated: consumer predilection marrow something ( crossroads non better substitutes)| Definition: Market where a fewer monolithic sellers persist the mart. disputation amongst the few.| Define:Monopoly: a market social face in with 1 seller of a event mathematical product | | | | Natural Monopoly - Industries with high opinionated costs. Costs are minimize by having only one firm. (Cable, gas, water)| Characteristics (5 conditions) 1. There is a large number of buyers and sellers 2. The buyers and sellers deal in identical products 3. for each one buyer and seller kit and boodle independently 4. Buyers and sellers are passably well-informed about products and products 5.

innocent(p) to enter/exit and ply business*Imperfect Competition a market social structure that lacks 1 or more of the conditions of Perfect Competition| Characteristics* mathematical product Differentiation real/imagined differences surrounded by competing products in the same exertion *Non-price Competition the use of advert9ising and other promotional campaigns to convince the buyers that the product is somehow better and so another| Characteristics*Collusion musket ball agreement to set a price or otherwise act in a cooperative mannerImpendent Behavior - matchless firms actions bathroom change the output, sales and prices in the entire industryExists when: * Few pear-shaped Sellers * Offer Identical or Similar Products * You cant enter the market calorie-free (takes lots of money) * Firms make an abnormal, economical profit * Price and Non-Price Competition (compete on quality, service, craftsmanship -- not price) *...If you want to get a full essay, order it on our website: Ordercustompaper.com

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