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What kind of image did Pablo Escobar,the most notorious member of the Ochoa crime cartel,cultivate for the people in Envigado,a barrio outside Medellín?
Low Barriers
Conditions that make it easy for new firms to enter an industry, often leading to increased competition.
High Barriers
Referring to the substantial obstacles that prevent new competitors from easily entering an industry or market.
Economic Profit
The financial gain achieved when revenues exceed the total opportunity costs, including both explicit and implicit costs.
Competitive Price-searcher
This term refers to a market situation where sellers have some control over the pricing of their products due to factors like brand differentiation and lack of perfect information among buyers.
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