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There are several market structures in which firms can operate. The type of structure influences the firm’s behaviour, whether it is efficient, and the level of profits it can generate.Neo-classical theory of the firm distinguishes a number of market structures, each with its own characteristics and assumptions.The structure of a market refers to the number of firms in the market, their market shares, and other features which affect the level of competition in the market.Market structures are distinguished mainly by the level of competition that exists between the firms operating in the market.
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