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    Perfect competition

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    How do perfectly competitive markets respond to economic losses for firms?

    © BrainMass Inc. brainmass.com March 4, 2021, 5:55 pm ad1c9bdddf

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    Perfect competition arises when:
    <br>- There are many firms, each selling an identical product.
    <br>- There are many buyers.
    <br>- There are no restrictions on entry into the industry.
    <br>- Firms in the industry have no advantage over potential ...

    Solution Summary

    Perfect competition is explored.