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What is market structure?
Market structure refers to the characteristics of the market that describes the nature of competition and the pricing policy followed in the market.
What are the two kinds of market based on competition?
The two kinds of market based on competition are perfect competition and imperfect competition.
What is imperfect competition?
Imperfect competition is a situation where elements of monopoly allow individual producers or consumers to exercise some control over market prices.
What is perfect competition?
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What are the characteristics of perfect competition?
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What are the different market structures under imperfect competition?
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What are some examples of markets that exhibit perfect competition?
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What happens to the price and supply in a competitive environment when a firm makes short term abnormal profit?
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What are the advantages of perfect competition?
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What are some examples of industries characterized by oligopolistic structures?
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What are the characteristics of monopolistic competition?
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What are the barriers to entry in oligopoly?
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What is meant by the concentration ratio in measuring oligopoly?
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What are the characteristics of a duopoly market?
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What are the characteristics of a monopoly market in terms of pricing and profits?
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What is the main characteristic of a monopoly market?
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