Peregrine Exam Day 8 Questions and Verified Answers| 100% Correct| Grade A+

competitive market - a market in which there are many buyers and many sellers so that each has a negligible impact on the market price Monopoly - A market in which there are many buyers but only one seller. monopolistic competition - a market structure in which many companies sell products that are similar but not identical Oligopoly - A market structure in which a few large firms dominate a market perfect competition - a market structure in which a large number of firms all produce the same product land - all natural resources used to produce goods and services labor - Human effort directed toward producing goods and services Capital - An economic system based on private ownership of capital Entrepreneurship - Accepting the risk of starting and running a business. profit maximization - A method of setting prices that occurs when marginal revenue equals marginal cost.