Capitalism: Free Market
Buyers and Sellers were free to make unlimited economic decisions
Free Market: Market Structure and Competition
Two types of Markets are Highly Competitive
Perfect Competition
Monopolistic Competition
1. Pure Competition: Homogenous Product
Revenue under Perfect Competition
Perfect To Imperfect Competition
2. Monopolistic Competition: Similar but slightly different products
3. Oligopoly: Few Sellers
May/May not be Homogenous Products
4. Monopoly: One seller of a Commodity
Eg: Monopolistic Competition
Stimulants: Coffee and Chocolate
Snapshot
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