question
monopoly
answer
a firm that is the sole seller of a product without any close substitutes
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natural monopoly
answer
a type of monopoly that arises because a single firm can supply a good or service to an entire market at a lower cost than could two or more firms
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oligopoly
answer
a market structure in which only a few sellers offer similar or identical products
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price discrimination
answer
the business practice of selling the same good at different prices to different customers
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monopolistic competition
answer
a market structure in which many firms sell products that are similar but not identical
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