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Third, explain the monopolistic competition market structure with Campbell's Soup Company. Last, the team explains how Quasar evolves through the four market structures over the lifecycle of the product as well as changes in the aggregate number of suppliers and consumers.
Pure Competition. - By Elizabeth Coursey
Pure competition is defined by Investorwords.com as, "A market characterized by a large number of independent sellers of standardized products, free flow of information, and free entry and exit. The sellers are "price takers" rather than "price makers" (Investorwords.com, 2007). The term "price taker" is used to describe the sellers in this market because the large number of sellers and the homogeneous products make it nearly impossible for one seller to charge higher prices than the competition...
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