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In Regards To Market Structure, How Does Perfect Competition Work?
Explain Perfect Competition
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Perfect competition is an idealistic model of economic theory which purports that in a perfect competition neither the consumer has the ability to exploit the producers nor the producers have the ability to exploit the consumers and the market exists in perfect equilibrium. The products may be homogenized and there is no set of distinction induced, artificial or otherwise, which may cause a price variation. There is no provision for cartels, be it the manufacturers/sellers or the consumers.
answered 6 months ago
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