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    List and explain the four different market structures.

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    Economists group many industries into four distinctive structures:

    1. Pure competition
    2. Pure monopoly
    3. Monopolistic competition
    4. Oligopoly

    Pure Competition:

    Pure competition involves a very large number of firms producing a standardized product (one identical to that of other producers, such as corn, cucumbers, etc.). New firms can enter the ...

    Solution Summary

    The solution does a great job of explaining the concept of market structure. All four types of market structure are explained in brief - perfect competition, monopoly, monopolisitc competition and oligopoly. The solution is very easy to understand and provides a good summary of the topic. Overall, an excellent response for students looking a brief and concise answer.