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SOCA02H3 (398)
Lecture

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Department
Sociology
Course
SOCA02H3
Professor
Sheldon Ungar
Semester
Winter

Description
Monopolistic CompetitionA market or industry characterized by a large number of firms supplying products that are similar buy distinctive enough from one another to give firms some ability to influence price OligopolyA market or industry characterized by a small number of very large firms that have the power to influence the price of their product andor resources MonopolyA market or industry with only one producer who can set the price of its product andor resources Natural MonopolyA market of industry in which having only one producer is most efficient because it can meet all of consumers demand for the product External EnvironmentEverything outside an organizations boundaries that might affect it Economic EnvironmentConditions that economic system in which an organization operates Business CyclePattern of shortterm ups and downs expansions and contractions in an economy Recession Period during which aggregate output as measured by real GDP declines DepressionParticularly server and longlasting recession Aggregate OutputTotal quantity
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