How do perfectly competitive markets respond to economic losses for firms?© BrainMass Inc. brainmass.com March 4, 2021, 5:55 pm ad1c9bdddf
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 ...
Perfect competition is explored.