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5 Cards in this Set
- Front
- Back
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Perfect competition |
A market structure in which a large number of firms all produce the same product |
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Commodity |
A product that is the same no matter who produces it, such as petroleum, notebook paper, or milk |
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Barrier to entry |
Any factor that makes it difficult for a new form to enter a market |
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Imperfect competition |
A market structure that does not meet the conditions of perfect competition |
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Start-up cost |
The expenses a firm must pay before it can begin to produce and sell goods |
