Examlex
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Pure Competition
A market structure characterized by a large number of sellers offering identical products with no single seller able to influence the market price.
Oligopoly
A market structure characterized by a small number of firms controlling a large market share, leading to limited competition.
Monopolistically Competitive
Characterizes a market environment where various businesses market products that resemble each other but are not exact duplicates, thereby providing them with some level of control over the market.
Allocative Efficiency
A state of resource allocation in which goods and services are distributed according to consumer preferences, achieving optimal distribution.
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