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Identifying a market structure involves analyzing specific characteristics that define how firms operate within a market and how they interact with consumers and competitors. The first important characteristic is the number of buyers and sellers in the market. A market with a large number of buyers and sellers tends to be more competitive, while markets with fewer sellers (oligopoly or monopoly) display different competitive dynamics. Another key characteristic is the nature of __________ _______ _____ ________ ____ __________ ___ _____ ______ _____ _______ ____.
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