Explain the different types of market structures in details (monopoly, oligopoly, perfect competition).
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Monopoly - Only one single supplier/player in the market, which dictates its terms. Has high bargaining power & consumer is at taking side.
Oligopoly - 2-3 main suppliers in the market with high entry barriers
Perfect Competitions - Multiple players in the same segment supplying similar good & services leading to competitive pricing. Consumer benefits.
Oligopoly - 2-3 main suppliers in the market with high entry barriers
Perfect Competitions - Multiple players in the same segment supplying similar good & services leading to competitive pricing. Consumer benefits.
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