📘 Core concepts
- 1Perfect Competition: many sellers, homogeneous product, free entry, price takers.
- 2Monopoly: single seller, no close substitute, high barriers, price maker.
- 3Monopolistic competition: many sellers, differentiated product, easy entry.
- 4Oligopoly: few sellers, interdependent decisions, price rigidity (kinked demand).
- 5Equilibrium condition for firm: MR = MC.
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