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What is Perfect Competition Market Overview about?

Perfect competition is a market structure with many small firms, homogeneous products, free entry and exit of firms, and perfect information. In the short run, firms can earn abnormal profits or losses but will settle at the break-even point of total revenue equaling total cost where marginal cost equals marginal revenue. In the long run, free entry and exit of firms will occur until economic profits are driven down to zero and firms earn only normal profits, where price equals average cost at the minim

Author

Yogesh Jha

Language

EN