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Purely Competitive Market
A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to price taking behavior.
Imperfectly Competitive Market
A market structure where individual sellers have some control over the price of their goods due to lack of perfect competition.
Wage Rate
The amount of compensation an employee receives per unit of time worked, often expressed hourly.
Workers Employ
The act of hiring labor, where businesses or individuals provide jobs to workers in exchange for their services.
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