Microeconomics

competing producers sell products that are differentiated from one another as good but not perfect substitutes such as from branding, quality, or location ?ignores the impact of its own prices on the prices of other firms Characteristics There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products. There are few barriers to entry and exit.[4] Producers have a degree of control over price Short Run firms can behave like monopolies in the short ru including by using market power to generate profit. ? Long Run ?the market becomes more like a perfectly competitive?one where firms cannot gain economic profit