48. Explain the 4 market structures?
-perfect competition(large, simular pruduct, easy entry/exit, easy to get info, no price control)
-monopoly(one seller, no substitues, no entry, almost complete control over market)
-oligopoly(few sellers, barriers to entry, identical/slightly diff. product, nonprice competition, interdependence)
-monopolistic competition(numerous sellers, sorta easiy entry, differentiated products, non price competition, come control on price)