amberyak310Lv1
30 Nov 2021
Problem 4
Page 211
Section SELF: CHECK QUESTIONS
Chapter 8: Perfect Competition
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30 Nov 2021
Introduction
Perfect Competition: A perfectly competitive market is characterized by a large number of buyers and sellers dealing in homogenous products with free entry and exit in the market.
The profit maximizing condition for a perfectly competitive firm is where price is equal to the marginal cost.
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