Economics: Standard 3 - Market Structures

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Economics

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4 Terms

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Market Structure

An economic model of competition among businesses in the same industry.

2
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Perfect Competition

The ideal model of a market economy; the market structure in which none of the many well-informed and independent sellers or buyers has control over the price of a standardized good or service.

3
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Standardized Product

A product that consumers consider identical in all essential features to other products in the same market.

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Monopoly

A market structure in which only one seller sells a product for which there are no close substitutes.