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Explain what is meant by market structure

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Question - Perfect competition refers to a market situation in which there are large number of buyers and sellers of homogeneous products.

a) Explain what is meant by market structure. What are the factors that determine market structures?

b) What are the assumptions of perfect competition? Why are these important? Do perfectly competitive markets exist in practice?

c) Under what conditions will a perfectly competitive firm stop producing in the short term?

Reference no: EM132195253

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