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three types of market systems Perfect competition- this is when there are many buyers and sellers for a particular product, the product is simmilar looking. the cost of investment is small and the product is easy to produce (ie: farming and agricultural products) Monopoly-there is a single seller with no close substitutes, and there is lots of control over the goods price (ie: and electrical company) Oligopoly-this market system is dominated by a few sellers. the products are high cost investments causing difficulties for new companies to join. the products are identical or slightly different (usually advertisements set the differences)(ie: Airlines)
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