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As was stated before we should be able to understand the different structures and their characteristics. Recap :
- Perfect competition is where there are homogeneous products and little to no barriers to entry.
- In the oligopoly structure, only a few firms dominate.
- In the monopolistic competition Characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes.
- In the monopoly, there is only one firm producing the commodity
Please check out this PowerPoint
View the Advantages and Disadvantages of the market structures. However, bear in mind that the PowerPoint only has the main points, Engage in additional reading in order to have a full understanding.
Remember creativity is Intelligence having FUN Be all that you can be!
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