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10 cards from this deck
Ability to raise prices above competitive level w/o losing customers
No. of firms, nature of product, ease of entry/exit
Firms that must accept market price (pure competition)
If charge above market price, lose all customers to competitors
Firm that can determine product's price to maximise profit
Making products appear distinct from competitors' offerings
Customers prefer a firm's product & willing to pay slightly more
Firms constantly monitor & respond to rivals' behaviour
Competing through advertising, service quality, not price cuts
Prices fall and output increases
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