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Market Structures
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Monopoly Single seller of a product dominates market “price makers”/”price setters” Barriers to entry high Most newspapers, Most cable TV Single seller of a product dominates market “price makers”/”price setters” Barriers to entry high Most newspapers, Most cable TV
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Oligopoly More than one seller of a product Market dominated by a few firms Firms mutually dependent TV networks, recording industry, movie studios, radio More than one seller of a product Market dominated by a few firms Firms mutually dependent TV networks, recording industry, movie studios, radio
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Monopolistic Competition Many companies offer similar products Firms try to differentiate products Price set by market and firms Barriers to entry lower Magazines Many companies offer similar products Firms try to differentiate products Price set by market and firms Barriers to entry lower Magazines
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Perfect Competition Many sellers offer same product No firm dominates market No barriers to entry “price takers” Many sellers offer same product No firm dominates market No barriers to entry “price takers”
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