Examlex
James Wilson explained police department styles as a product of local political culture.
Market Structure
The features of a market, including its structure, that affect how competition and pricing are determined.
Monopolistic Competition
A common form of industry (market) structure characterized by a large number of firms, no barriers to entry, and product differentiation.
Perfectly Competitive
A market structure where there are many sellers and buyers, homogeneous products, and no single buyer or seller can influence prices.
Monopolistically Competitive
Describes a market structure where many firms sell products that are similar but not identical, allowing for product differentiation and some control over price.
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