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What is Understanding Perfect Competition about?
Perfect competition is a market structure with many small firms, homogeneous products, perfect information and free entry and exit. Key features include a large number of buyers and sellers, identical products sold at a uniform price, and no barriers to entry or exit allowing firms to earn only normal profits in the long run. Under perfect competition in the short run, firms are price takers and equilibrium occurs where price equals marginal cost. In the long run, equilibrium is where price equals minimum a
- Author
- jagatheeshwari
- Language
- EN