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REALISM OF MONOPOLY: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It's not just that it has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how seemingly unique it might appear, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.
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MARKET CONTROL The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market control largely depends on the number of competitors on each side of the market. If a market has relatively few buyers, but many sellers, then limited competition on the demand-side of the market means buyers tend to have relatively more market control than sellers. The converse occurs if a market has many buyers, but relatively few sellers. This is also termed market power.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. " -- Mary Kay Ash, entrepreneur
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L/C
Letter of Credit
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