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What does Under perfect competition mean？

帮考网校2020-10-15 15:37:31
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Under perfect competition, there are many buyers and sellers in the market, and no single entity has the power to influence prices. All firms produce identical products, and there are no barriers to entry or exit from the market. All buyers and sellers have access to perfect information about prices and quantities, and there are no transaction costs. In this scenario, prices are determined solely by supply and demand forces, and there is no room for individual firms to influence the market.
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