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perfect competition pure competitin
the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists).
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