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| Pure competition is an ideal market structure |
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| Sellers controls all production of a good or service |
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| They compete on a basis other than price |
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| Differs from perfect competition in one key respect |
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| Market structure in hich a few large sellers control most of the production good or service |
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| Which one of the largest sellers in the market takes the lead by setting a price for its product |
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| Sellers aggressively undercut each others prices in an attempt to gain market share |
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| Sellers secretly agree to set production levels |
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| Companies openly organizes system of price setting and market sharing |
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| Feature a single large seller that producers a good or service most efficiently |
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| Sellers large scale or size allows it youse it's human capital and other resources more efficiently ad economically than if those resources more efficiently and economically |
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| Sometimes a monopoly forms because a markets ptoential profit is do limited by its geographic location that only a single seller decides to enter the market |
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| Some monopolies develop when a producer develops new technology |
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| You can't duplicate some ones stuff |
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| Provide public goods that cannot always be supplied |
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| Big business as huge monopolies |
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| Relationship between business and government |
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| Practice of offereing different prices to different customers |
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