Examlex
What is descriptive representation and why does it matter?
Degrees of Competition
The extent to which market competition exists, characterized by the number of firms, product differentiation, and barriers to entry.
Pure Monopoly
A market structure where a single seller controls all of a product's supply and can set prices without competition.
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit, leading to perfect competitive markets.
Differentiated Oligopoly
A market structure where a few firms dominate, but differentiate their products through branding, quality, or other means to compete.
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