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4 non-price determinants (supply)?
1. change in the number of producers.
2. other profit opportunity.
3. change in production cost.
4. future expectations.
7 non-price determinants (demand)?
1. price of substitute goods.
2. cost of a complimentary good.
3. change in income.
4. change in taste.
5. change in weather.
6. change in number of buyers.
7. future expectations.
4 types of market structures?
1. perfect competition.
2. pure monopoly.
3. monopolistic competition.
4 characteristics of perfect competition?
1. many buyers or sellers.
2. goods and services are similar or identical.
3. consumer has knowledge of product.
4. entrance to and exit from market are easy.
3 characteristics of pure monopoly?
1. product is unique.
2. entrance to and exit are extremely difficult.
3. only one provider.
4 characteristics of monopolistic competition?
1. many buyers and sellers.
2. similar but differentiated product.
3. consumer knowledge is good.
4. entrance to and exit are relatively easy.
5 characteristics of oligopoly?
1. 3 or 4 firms control at least 70% of market.
2. similar products differentiating through advertising.
3. information is readily available.
4. barriers to enter and leave market.
5. non-price competition.
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