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The easiest approach to describe a corporation that operates in an imperfectly competitive market is as having some ability to fix prices..
What Is a Firm?
A firm is a for-profit corporate entity, such as a corporation, limited liability company (LLC), or partnership, that provides professional services. Most companies only have one physical location.
A business firm, on the other hand, is composed of one or more physical locations that are all owned by the same person and share the same EIN (EIN).
The word "firm" can be used to describe a variety of businesses, such as consulting, marketing, and graphic design firms. "Firm" is frequently associated with businesses that provide specialized legal and accounting services when it appears in a title.
There is a difference between a business and a company, despite the fact that they seem to be interchangeable and are frequently used as synonyms.
Hence, The best way to characterize an imperfectly competitive firm is as having some capacity for setting prices.
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