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In competitive markets: the products sold are different depending on the firm selling the product. buyers can expect to find consistently low prices...

In competitive markets:


the products sold are different depending on the firm selling the product.

buyers can expect to find consistently low prices and wide availability of the good that they want.

producers can expect to be able to set the price at the level they choose.

it is hard for a seller to enter the market due to barriers to entry.

firms will leave the market if they are making economic profits.

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