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What does it mean there is a low barrier to entry(low entry barriers) to perfect competition? what is meant by short-run, and long-run in market structure?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter9: Competition And Monopolies

Section: Chapter Questions

Problem 24AA

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What does it mean there is a low barrier to entry(low entry barriers) to perfect competition?

what is meant by short-run, and long-run in market structure?

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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