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Essay Details:
Essay text:
In a market with many buyers and sellers, both the consumer and the supplier have equal ability to influence price. Depending on competition type, there are four major types of organization.
1. Monopoly
2. Oligopoly
3. Monopolistic Competition
4. Perfect Competition
Decision-making depending on market structures (Monopoly, Oligopoly, Monopolistic Competition and Perfect Competition).
Monopoly
Oligopoly (Nilesh)
An oligopoly is a market dominated by a few large suppliers. This select group of firms has control over the price and, like a monopoly; an oligopoly has high barriers to entry. The products that the oligopolistic firms produce are often nearly identical and, therefore, the companies, which are competing for market share, are interdependent because of market forces...
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