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We all know that this environment can take many forms depending on the certain good that is produced of its market. A market can be one that is a monopoly, in which one firm controls all the production of a certain good; an oligopoly, in which a small number of firms control the production of a good; a monopolistic competitive market, where many firms produce a similar product, with little product differentiation; and finally, a market can be a perfectly competitive market, where an extremely large number of firms produce an identical product, giving them no power in differentiation whatsoever...
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