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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.

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IMPERFECT COMPETITION

Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.

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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for the last item on a shelf.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The true idealist pursues what his heart says is right in a way that his head says will work. "

-- Richard Nixon, 37th US president

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