Present entries to record the selected transactions described below:
Definitions:
Oligopoly
A market structure characterized by a small number of firms whose decisions about production and pricing significantly affect each other.
Perfect Competition
A market structure characterized by a large number of small firms, identical products, and no barriers to entry or exit, leading to price determination by market forces.
Market Power
The ability of a firm or group of firms to influence the price of a product or the conditions of the market.
Inefficiency
The lack of economic efficiency, occurring when resources are not utilized optimally according to certain criteria.
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