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Firms competitive market - Coggle Diagram
Firms competitive market
MARKETS AND COMPETITION
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The terms supply and demand refer to the behavior of people . . . as they interact with one another in markets.
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As a result of its characteristics, the perfectly competitive market has the following outcomes:
The actions of any single buyer or seller in the market have a negligible impact on the market price.
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A competitive market has many buyers and sellers trading identical products so that each buyer and seller is a price taker.
no one firm has power to determine the price
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