Tuesday, December 7, 2010


1 As a consumer you tend to benefit most from competitive markets
2 Perfect competitions, also called pure competition, is an ideal market structure.
3 In perfect competition, the many buyers and sellers must act independently
4 Under perfect competition, sellers offer identical products.
5 In a monopoly, one seller controls all production of a good or service.
6 If there are any barriers to entry in a market, sellers cannot compete easily and fully
7 Sellers in monopolistic competition try to differentiate, or point out differences, between their products and those of their competitors.
8 If sellers compete on factors other than price, they are engaging in non-price competition

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