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Three characteristics of perfect competition

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What are the three characteristics of perfect competition? Explain each of them and support your answer with some APA Reference

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The response provides you a structured explanation of three characteristics of perfect competition. It also gives you the relevant references.

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The three characteristics of perfect competition are a large number of small firms, identical products, and perfect knowledge of prices and technology (1).

The large number of small firms means that none of the firms can influence the price of the product. For ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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