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How long ago did Australopithecus afarensis live?
Barriers to Entry
Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter and compete in an industry.
Price Takers
Economic agents in a market who accept the prevailing market price as given because they have no power to influence it.
Differentiated Product
A differentiated product is one that is distinct from similar products on the market through unique features, branding, or quality, enabling companies to target specific market segments.
Perfectly Competitive
A market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller has market power.
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