By Gerda MenzelOn Apr 11, 2019 Free Resume
Many businesses in the U.S. and Canada are formed as a corporation, which is a type of business operation that is formed in the state where the company carries out its operations. To be recognized legally as a corporation, a business must incorporate by taking certain steps and making certain decisions required under corporate law. One such step is filing a document known as articles of incorporation.
Profit margins are also fixed by demand and supply. Hence firms cannot set themselves apart by charging a premium for their product and services. For example, it would be impossible for a company like Apple Inc. (AAPL) to exist in a perfectly competitive market because its phones are pricier as compared to competitors.
The development of new markets in the technology industry also resembles perfect competition to a certain degree. For example, there was a proliferation of sites offering similar services during the early days of social media networks.
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