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

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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 ...

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  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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