market structure
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use graphs
Answer
Market StructurePerfect competition is a theoretical market structure where the quantity supplied equals the quantity demanded ("Perfect competition," 2020). It has larger numbers of buyers and sellers, free entry and exit of firms, zero advertising cost, homogenous product, no government intervention, and normal profits by all firms. An example is foreign exchange markets. A monopoly is a market structure with a single seller who provides a particular good or service to many consumers hence the market has no competition (Rosolino, 2020). It has a single seller of a product, there is restrictions to entry, no close substitutes of the product produced and the seller is the market controller hence setting the price. An example is Microsoft. Monopolistic competition is a market structure wit...
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