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10 cards from this deck
Organisational characteristics defining how a market functions
Price-takers (must accept market price)
Single firm produces 100% of market output
Interdependence - actions of one firm affect rivals
Cost new firms face that incumbents don't
Large firms produce at lower long-run average cost
Costs already incurred that cannot be recovered
Reducing prices to normal profit to deter new entrants
Setting prices below costs to force competitors out
Real (actual differences) & perceived (branding/marketing)
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