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Polly worked as a bartender. A few people used to wave money toward her so that she would serve them first. She used to find this to be rude and hence, either ignored them or always served them last. People realized that she serves only the people who wait politely, and then their rude behavior stopped. This implies that Polly used the model of _____.
Oligopoly
A market structure characterized by a small number of firms controlling a large majority of the market share, influencing prices and competition.
Monopolistic Competition
A market structure where many firms sell products that are similar but not identical.
Pure Monopoly
A market structure where a single firm is the sole provider of a product or service, facing no competition.
Demand Factors
Elements that influence the level of demand for a product or service, such as price, consumer preferences, income levels, and market trends.
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