Market structure refers to the competitive environment in which the buyers and sellers of a product operate.

Name: Market structure refers to the competitive environment in which the buyers and sellers of a product operate.
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Question

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Market structure describes how a market is organized, based on the number of firms operating within it, the nature of competition, and the degree of product differentiation. It influences how firms compete with each other and how prices are determined.

Market Structure Refers to the Competitive Environment in Which the Buyers