Examlex
Which of the following statements is true of the U.S.population in recent decades?
Perfect Competition
A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and full information.
Monopolistic Competition
A market structure marked by many competing firms offering products or services that are similar, but not perfect substitutes.
Oligopoly
A market structure characterized by a small number of firms controlling a large portion of the market share, leading to limited competition.
Long-run Equilibrium
A state in which all factors of production and costs are variable, and all firms in an industry are making normal profit, resulting in market stability over time.
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