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Define perfect competition....

Define perfect competition.

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It refers to a market situation where there are very large number of buyers and selles dealing in a homogeneous product at a price fixed by the industry. The firm is a price taker.
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Knowledge Check

  • Equilbrium price in perfect competition is determined by :

    A
    One group of firms
    B
    One individual firm
    C
    All the firms
    D
    none of these

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