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    Characteristics and examples of Perfect Competition

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    What are some of the characteristics of perfect competition? Which types of industries come closest to perfect competition in the real world?

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    Characteristics of perfect competition

    1.There is a large number of small buyers sellers and size of each seller/buyer is very small as compare to market size. No seller/buyers can influence market price. All sellers are price takers i.e. each of them has to sell its products at prices determined by market ...

    Solution Summary

    Solution provides some of the characteristics and examples of perfect competition.