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Competitive Market

Competitive market

Official definition: A competitive market is a form of imperfect
competition where a large number of small firms sell products that are
differentiated from one another, i.e. are similar with differences being
things such as branding.

A type of competition within an industry where:
1. All…

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The freedom of entry and exit means that the firm will only be able to
make normal profits in the long run.

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