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7-3: O THER M ARKET S TRUCTURES. C HARACTERISTICS OF M ONOPOLISTIC C OMPETITION Monopolistic competition: when many sellers offer similar, but not standardized.
More producers in a market increases supply which leads to increased competition and a lower equilibrium price Competitive pricing occurs when producers.
7-1: WHAT IS PERFECT COMPETITION?. Competition Economists classify markets based on how competitive they are Market structure: Describes the level of.
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