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1 Cards in this Set
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What are the characteristics of pure competition ?
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1- Very Large number of buyers and sellers act independently
2-The product is homogeneous or standardized 3-The product of one firm, is perfect substitute for that of any other frim. 4-The only basis for competition is price. 5-Each firm produces an immaterial amount of the industries total output and thus canot influence the market price. 6-No barriers for entry or exit from the market. 7- Every firm has perfect infromation |
