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5 Cards in this Set
- Front
- Back
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perfect competition
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market structure in which large number of firms all produce the same product.
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commodity
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product that is the same no matter who produces it, such as petroleum, notebook paper, or milk.
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barrier to entry
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any factor that makes it difficult for a new firm to enter a market
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monopoly
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market dominated by a single seller
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economies of scale
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factors that cause a producer's average cost per unit to fall as output rises
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