veeraxox
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can u explain in economics terms?
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Patpsbl
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a competitive market is a market where there are many firms in a market, meaning that there is more competition.
there are two market structures which are competitive:
•Perfect competition: a theoretical market structure where there are many firms which have no market power. this means that they are price-takers. in addition there are no barriers to entry or exit and there is perfect information for consumers and firms. the products are homogeneous (the same) and only normal profits can be earned in the long run
•monopolistic competition is the same but with product differentiation and the firm's demand curve is downward sloping (in perfect competition, the demand curve is horizontal)
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