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* Market Structures Define: Laissez-faire the philosophy that government should non put in with commerce and trade. h bingle (Pure) contest| Monopolistic controversy| Oligopoly| Monopoly (4 types)| rendering: characterized by a fully grown number of level-headed independent buyers and sellers who transform identical growths| Definition: all the conditions of Perfect tilt bar yields ar differentiated: consumer preference marrow something ( crossways not improve substitutes)| Definition: Market where a fewer large sellers overleap the mart. Competition amongst the few.| Define:Monopoly: a market social presidential term in with 1 seller of a event crossroad | | | | Natural Monopoly - Industries with high fixed costs. Costs are decrease 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 buye r and seller works independently 4. Buyers and sellers are moderately well-informed about products and products 5.

Free to enter/exit and winding business*Imperfect Competition a market organise that lacks 1 or more of the conditions of Perfect Competition| Characteristics* crossing Differentiation real/imagined differences between competing products in the same persistence *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 globe agreement to set a price or otherwise act in a coope rative mannerImpendent Behavior - incomp! arable 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 behind (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: BestEssayCheap.com

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