Question

What is perfect compitition?

Answer 1

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➷ In simple terms, it is a market structure where a large number of buyers and sellers are engaged in the buying and selling of the same product at a single price.

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Answer 2

Describes a market where there is immense competition due to the absence of barriers to entry. This means there are many small firms competing in the market, none of which has any power to influence market supply or price.

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