Business Markets

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6 Terms

1
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What is perfect competition

Market where many small firms produce identical products at similar prices. With ability to enter and leave market freely

2
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What are 3 features of perfect competition

1) Many number of independent sellers 2) Sell homogenous products 3) easy entry

e.g.: Agriculture

3
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What is 3 features of monopolistic competition

Many number of small independent sellers, products are close substitutes, relatively easy entry

4
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What is 3 features of Oligopoly

Few numbers of independent sellers, substitute sometimes available, very difficult to eneter

5
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what is feature of monopoly

One number of independent seller, very high seller concentration, impossible entry

6
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