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Essay specific features
Written by:
Christine F
Date added:
February 18, 2016
Level:
University
Grade:
A
No of pages / words:
7 / 1819
Was viewed:
6829 times
Rating of current essay:
Essay content:
An oligopoly “denotes a situation where there are few sellers for a product or service. The members of an oligopoly change the nature of a free market” (Peterson, 2008). Monopolistic competition exists where there are a large number of companies which have a small share of the market share. Perfect competition occurs when the market consists of a large number of companies producing a homogeneous product...
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For a monopoly to be effective there must be no practical substitutes for the product or service sold, and no serious threat of the entry of a competitor into the market. This enables the seller to control the price” (Peterson, 2008). Since the enactment of the Sherman Anti-Trust Act in 1890 monopolies have become almost nonexistent...
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