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Lack of any close substitute for consumers to choose from.

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A sole provider of a viable product or service

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Market structure characterized by a single seller, selling a unique products in the market.

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Verizon, Sprint

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GMC, Dodge

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Can result from various forms of collisions with reduce competition and could lead up to increase net to the consumer prices.

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Many products sell products that are different from others

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Restutant’s business

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Hotels and pubs

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A state of limited competition in which a market is shared by a small number of producers or seller

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A type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitute

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The exclusive possessions or control of the supply or trade in a commodity or service

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Yard Sale

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Selling Lemonade

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Larger number of buyers and seller

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Prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and seller.