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Competition

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Explain a real world factor that plays an important role in competition.

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Explain a real world factor that plays an important role in competition.

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A real world factor that plays an important role in competition is Market Structure.

There are a number of different buyers and sellers in the marketplace. This means that we have competition in the market, which allows price to change in response to changes in supply and demand. For almost every product there are substitutes, so if one product becomes too expensive, a buyer can choose a cheaper substitute instead. In a market with many ...

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