Explain the significance of laissez-fair, market structure, perfect competition, imperfect competition, monopolistic competition, product differentiation, nonprice competition, oligopoly, collusion, price-fixing, monopoly, natural monolpoly, economies of scale, geographic monolpoly, technological monolpoly, and government monopoly

Perfect competition: Characterized by many small price-taking firms producing standardized product in an industry in which there are no barriers to enter or exit.

Monopolistic competition: a market structure characterized by a few small firms producing a differential product with easy entry into the market.

Oligopoly: A very diverse market structure characterized by a small number of interdependent large firms, producing a standardized or differential product in a market with a barrier to entry.

Laissez-faire: a policy of letting things take their own course; abstention by governments from interfering in the workings of the free market.

Market structure: the interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.

Collusion: takes place within an industry when rival companies cooperate for their mutual benefit.