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Simplify, where possible.
-27m - 8 - 3m - 4
Purely Competitive
A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit, leading to price takers rather than price makers.
Imperfectly Competitive
Describes a market structure where firms have some degree of market power and can influence prices, unlike in perfect competition.
Purely Competitive
A market structure characterized by a large number of small firms, homogenous products, and easy entry and exit, leading to firms being price takers.
Resource Demand Curve
A graphical representation showing the relationship between the price of a resource and the quantity of the resource demanded by employers.
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