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Price-taker Firm
A firm that has no control over the market price and must accept the prevailing market price for its product or service.
Competitive Price-searcher Firm
A business that operates in a market where firms have some degree of control over the prices they charge, often because of product differentiation.
Entry Barriers
Obstacles that make it difficult for new competitors to enter a market, including high startup costs, strict regulations, and established brand loyalty.
Competitive Price-searcher Market
A market structure where firms have some control over the pricing of their products because their products are differentiated, but there is intense competition due to low entry barriers.
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