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7-1 Vocabulary jw

QuestionAnswer
An economic model of competition among businesses in the same industry. market structure
The ideal model of a market economy Perfect competition
A product consumers see as identical regarless of producer. standardized product
A business that accepts the market price determined by supply and demand. Price taker
Occurs in markets that have few sellers or products that are not standardized. imperfect competition
Created by: joannw15
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