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- 1Many firms Freedom of entry and exit Firms produce differentiated products Firms have price inelastic demand; they are price makers because the good is highly differentiated Firms make normal profits in the long run but could make supernormal profits in the short term Companies compete based on product quality, price, and how the product is marketed Intense competition
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- Flashcards on Untitled, created by t t on 14/05/2024.
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