competition - when a market structure characterized by an...

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Brittney Acevedo Professor Kohl The four types of competition are monopoly, oligopoly, monopolistic competition and pure competition. A monopoly exists when an organization offers a product that has no close substitutes, making that organization the sole source of supply. An oligopoly exists when a few sellers control the supply of a large proportion of a product. A monopolistic competition exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its product. Pure competition is
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Unformatted text preview: when a market structure characterized by an extremely large number of sellers, none strong enough too significantly influence the supply or demand. For a marketing major t monopolistic competition is most important. In order to have something to market you need competition. In a monopolistic competition almost every product is alike so you use marketing to make people want to buy your product over your competitors....
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