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Invisible Hand Principle
The tendency of market prices to direct individuals pursuing their own interests to engage in activities promoting the economic well-being of society.
Price-Taker Markets
Markets in which individual buyers or sellers have no influence over the price of a product, typically due to the product being a commodity with many competitors.
Low Entry Barriers
Conditions that make it easy for new competitors to enter a market, including minimal financial, regulatory, or technological requirements.
Homogeneous Product
A product that is identical in all aspects from all producers, making it indistinguishable among suppliers.
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