In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. While equilibrium conditions may be efficient, it may be true that not everyone is satisfied

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The Costs of Taxation How do taxes affect the economic well- being of market participants?

International Trade What determines whether a country imports or exports a good?

The Meaning of Competition uA perfectly competitive market has the following characteristics: u There are many buyers and sellers in the market

Monopoly While a competitive firm is a price taker, a monopoly firm is a price maker

Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly

Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Four Types of Market Structure Monopoly Oligopoly Monopolistic Competition Perfect Competition

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