unit 4 vocab 🫩🫩

Imperfect competition

all market structures except pure competition

Pure (perfect) monopoly

A market structure in which one firm sells a unique product, into which entry is blocked in which the single firm has considerable control over product price in which nonprice competition may or may not be found

Monopolistic competition

And Marcus structure in which many firms sell a different product into which entry is relatively easy in which the firm has some control of which product price and in which there is considerable non-price competition