Competition: Competition refers to the rivalry among sellers in a market as they strive to attract customers by offering lower prices, better quality, or unique features.
Entry Barrier: An entry barrier is any obstacle or restriction that makes it difficult for new firms to enter into an industry and compete with existing firms.
Producer Surplus: Producer surplus is the difference between what producers receive from selling goods (revenue) and their costs (supply curve). It represents their economic benefit from participating in a market.