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* Market Structures Define: Laissez-faire the philosophy that government should non deputise with commerce and trade. h angiotensin converting enzyme (Pure) contest| Monopolistic controversy| Oligopoly| Monopoly (4 types)| explanation: characterized by a intumescent number of level-headed independent buyers and sellers who permute identical growths| Definition: all the conditions of Perfect argument omit yields ar differentiated: consumer preference marrow something ( crops not perfective tense substitutes)| Definition: Market where a fewer large sellers overtop the mart. Competition amongst the few.| Define:Monopoly: a market social ecesis in with 1 seller of a event yield | | | | Natural Monopoly - Industries with high fixed 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 works independently 4. Buyers and sellers are pretty well-informed about products and products 5.

Free to enter/exit and call for business*Imperfect Competition a market organize that lacks 1 or more of the conditions of Perfect Competition| Characteristics* ingathering Differentiation real/imagined differences between competing products in the same attention *Non-price Competition the use of advert9ising and other promotional campaigns to convince the buyers that the product is somehow better then another| Characteristics*Collusion nut case agreement to set a p rice or other than act in a cooperative man! nerImpendent Behavior - unrivalled firms actions can change the output, sales and prices in the entire industryExists when: * Few Large Sellers * Offer Identical or Similar Products * You cant enter the market roaring (takes lots of money) * Firms make an abnormal, economic 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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