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Types of market structures
1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly
3 ways to identify/talk about them
1. Characteristics
2. Behaviour
3. Performance
Characteristics
1. Number of consumers/producers
2. Barriers to entry/exit
3. Nature of product (homogenous/ differentiated)
4. Nature of profit earned/price maker or taker
Behaviour
1. SR/LR Profits --> Pricing + O/P decisions
2. Shut down condition
3. Price / non-price competition
Performance
Efficiency: Allocative/Productive/Dynamic
Advantages + Disadvantages
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