Market Structure – Term used to describe the organization and nature of a market or an industry, particularly whether it is competitive or non competitive in nature.
Competitive Industry – An industry that consists of many small firms and is easily entered by new competitors.
Non-Competitive Industry – An industry that is dominated by a few large firms and is not easily entered by new competitors.
Price-Taker – Term used to describe the position of the individual small firm in a competitive industry, which is unable to influence the price of its product and is forced to accept (take) whatever price is determined in the market.
Price-Maker – Term used to describe the position of the dominant firm(s) in an industry, which can influence the price of the product.
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