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#cfa-level-1 #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4
While the internet has extended a number of markets worldwide, certain markets are limited by geographic boundaries. For example, the internet search engine Google operates in a worldwide market. In contrast, the market for premixed cement is limited to the area within which a truck can deliver the mushy mix from the plant to a construction site before the compound becomes useless.
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2. ANALYSIS OF MARKET STRUCTURES
longs. 2.1. Economists’ Four Types of Structure Economists define a market as a group of buyers and sellers that are aware of each other and are able to agree on a price for the exchange of goods and services. <span>While the internet has extended a number of markets worldwide, certain markets are limited by geographic boundaries. For example, the internet search engine Google operates in a worldwide market. In contrast, the market for premixed cement is limited to the area within which a truck can deliver the mushy mix from the plant to a construction site before the compound becomes useless. Thomas L. Friedman’s international best seller The World Is Flat1 challenges the concept of the geographic limitations of the market. If the service being provided by the seller can be


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