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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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RADHA BHUGANA-FORMS OF MARKET AND PRICE DETERMINATION UNDER PERFECT COMPETITION WITH SIMPLE APPLICATIONS -OBJECTIVE TYPE QUESTIONS
  1. Define perfect competition.

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  2. Define Monopoly market.

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  3. Defice monopolistic competition.

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  4. What is oligopoly ?

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