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14 cards from this deck
Market with no barriers to entry/exit; allows free competition
Potential competition, not actual competition, drives behaviour
William Baumol
Number of firms in the industry
Minimal or no barriers
Costs that cannot be recovered once incurred
Low or nonexistent
Firms enter, profit, and exit quickly if conditions change
Perfect knowledge of prices, costs, and technology
Firm produces at lowest cost (minimum ACACAC)
Threat of entry forces firms to minimise costs
Resources allocated to maximise consumer satisfaction
Price equals marginal cost (P=MCP = MCP=MC)
Lower prices, higher quality, greater efficiency
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