Competitive market
What Competitive market means in Economics GCSE, as defined for AQA.
Definitions of Competitive market
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Reference: AQA
A market with many buyers and sellers where barriers to entry are low, so high profits attract new entrants, increasing total market supply and driving down the market price.
An economic structure characterised by a large number of buyers and sellers, none of whom has the individual power to influence the market price.
Topics that use Competitive market
- Competitive markets (AQA GCSE)
Related terms
- Barriers to entry
- Competitive markets
- Consumer choice
- Efficiency and cost management
- Non-price competition
- Price takers
- Normal profit
- Price competition
Using Competitive market in the exam
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