What are the services that perfect competition offers?
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What are the services that perfect competition offers?
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What are the services that perfect competition offers?
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Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about
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Answer:
What Is Perfect Competition?
The term perfect competition refers to a theoretical market structure. In a perfect competition model, there are no monopolies. This kind of structure has a number of key characteristics, including:
All firms sell an identical product (the product is a commodity or homogeneous).
All firms are price takers (they cannot influence the market price of their products).
Market share has no influence on prices.
Buyers have complete or perfect information (in the past, present, and future) about the product being sold and the prices charged by each firm.
Capital resources and labor are perfectly mobile.
Firms can enter or exit the market without cost