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Market Structure

Describes four market structures in Economics

QuestionAnswer
A market consisting of many buyers and sellers where no one buyer/seller controls price Perfect competition
A market with slightly differentiated products where members use nonprice competition Monopolisitc competition
A market dominated by a few very large firms. Barriers to entry are significant. Oligopoly
A market consisting of only one seller and many buyers where the seller uses market power. Monopoly
Created by: coach1058
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