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Perfect Monopoly Monopolistic Oligopoly Competition (gov. or Competition market) # of sellers Many (millions) 1 ; Many Few firm = industry 20-80 4-8 with Many

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Perfect Monopoly Monopolistic Oligopoly Competition (gov. or Competition market) # of sellers Many (millions) 1 ; Many Few firm = industry 20-80 4-8 with Many buyers interdepen- many buyers many buyers dence (high degree of localization because of specialized resources) many buyers Product type Homogeneous No close differentiated Homogeneous

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