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12 Cards in this Set
- Front
- Back
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Competition
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identical products to the market
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Monopolistic
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providing small amount of the total market for a product
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Oligopoly
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Few large sellers dominated the market
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Monopoly
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one seller dominated the market (entire industry)
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Perfect Competition
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independent farmers
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MC
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restaurants, market, hotels, retail stores, cameras, small businesses
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O
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auto makers, airlines, fast food change, Oil/Cereal company, soda makers
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M
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cable, t.v, utilities
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Perfect Competition Characteristics
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independent sellers, identical products, no advertising, no price controls (price takers), easy to enter/exit the market, the way business looked in adam smith's time
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Monopolistic Characteristics
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many sellers, similar products, product differentiation advertising some price control easy to enter/exit the market. MC if small & Large
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oligopoly characteristics
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few large sellers, similar products, non-price competition, watch each other, more price control, large powerful, 2-4 co. 70-80% market.
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monopoly characteristics
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one seller, no competition, impossible market entry, one product, complete price control
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