Pure Competition & Utility
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What is pure competition
One of the 4 market models. Thousands of firms compete to create a tiny bit of the supply. MILK
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What is utility
The usefulness a product gives us
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What affects pure competition
Standardized product that can’t be changed
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What is the barrier to entry with pure competition?
No barrier to entry. Free entry and exit
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What is a barrier to entry
A way companies limit competition such as high regulations
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