Market Structure P Q R S Characteristics of Market Structures Influence over Price Some Number of Firms in Industry Few One Many Many O Perfect Competition Extensive None Limited What market structure does the letter "S" in the table represent? Monopolistic Competition O Oligopoly O Monopoly Entry into Market Difficult Almost Impossible Easy Easy

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.