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What are the advantages and disadvantages of oral communication?
Perfectly Competitive Markets
Markets characterized by many buyers and sellers, homogenous products, freedom of entry and exit, and perfect information, where no single participant can influence the market price.
Law of Demand
The principle that, all else being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
Competitive Markets
Markets where multiple buyers and sellers have the liberty to engage in trade based on mutual agreements.
Price Setters
Entities, such as companies or regulatory bodies, that have the power to establish prices for goods or services in a market.
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