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3 Cards in this Set
- Front
- Back
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Def of market structure |
This is a term that explains conditions that exist in a market |
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what’s perfect competition |
this is an imaginary market structure that acts as a benchmark to the real market structure |
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Characteristics of perfect competition |
1) high degree of competition 2) homogeneous products. These are products which are similar or identical to customers 3) no barriers to entry or exit the market 4) perfect knowledge 5)Firms are price takers. This means that goods and services are determined by demand and supply |
