Perfect competition is market in which there are many firms

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Perfect competition is a market in which there are many firms, each selling an identical product; many buyers; no barriers to the entry of new firms into the industry; no advantage to established firms; and buyers and sellers are well informed about prices. Explaining and evaluating why perfect competition is efficient and whether perfect competition is fair based on the two (2) views, i.e., fair rules and a fair result.

Reference no: EM13898502

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