Title: market structures and competition Flashcards | Quizlet
Headings: market structures and competition
market structures and competition
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Market Structures and Competition
Profit
Market structures and competition

Content: If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited? Consumers still rely on producers' set prices. Few products are actually sold on the basis of pure competition. Choices are driven by price when goods are identical. Limited price variations restrict actual choice. Choices are driven by price when goods are identical. Which best describes the availability of substitutes in a monopoly? Price points vary. There are no substitutes. There are different brands.