Examlex
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Pure Competition
A market structure characterized by a large number of small firms, identical products, and no barriers to entry or exit, allowing for perfect knowledge and resource mobility.
Pure Monopoly
A market structure where a single seller dominates the market with no close substitutes for the product or service offered.
Oligopoly
A market structure characterized by a few firms dominating the market.
Mutual Interdependence
A situation in an economy where the actions of one participant significantly affect the outcomes of other participants, commonly seen in oligopolistic markets.
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