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5 Cards in this Set
- Front
- Back
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Perfect competition |
Market structure in which large number of firms all produce the same product |
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Commodity |
Product that is the same no matter who produces it |
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Barrier to entry |
Any factor that makes it difficult for a new firm to enter a market |
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Imperfect competition |
Market structure that does not meet the conditions of perfect competition |
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Start-up costs |
Expenses a firm must pay before it can begin to produce and sell goods |
