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Miguel owns a taco shop in a city in which there are many other taco shops. There are no barriers to entry. Miguel can charge a higher price for his food because he uses a special sauce recipe passed down to him from his grandmother. Miguel stays in the taco business because he makes the same profit he would make if he devoted his resources to his next best option. What aspect of Miguel's business indicates that he is not in a perfectly competitive industry?
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Miguel owns a taco shop in a city in which there are many other taco shops. There are no barriers to...
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