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Instructions: Please write a thorough, well-organized essay to answer each question. What could newcomers to the working class experience as they came to the city? If life was so difficult in the cities, why did workers continue to go there?
X-Inefficiency
The difference between efficient production levels and actual production due to mismanagement, lack of competitive pressure, or other organizational inefficiencies.
Pure Competition
A market structure characterized by an extremely large number of sellers and buyers where no single participant has the market power to influence product prices.
Oligopoly
A market structure characterized by a small number of firms controlling a large portion of the market share, often leading to limited competition.
Monopolistic Competition
A market structure characterized by many firms offering products that are similar but not identical, leading to competition based on quality, price, and marketing.
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