Technology and increase or decrease competition (25 marks will take around 30 mins)

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nccyr20822

Economics

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I have 2 essays please help me combine both into 1 new essay (don't copy it word to word but paraphrase it). Add any points you think is relevant as well.

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This paper discusses the contribution of technological advancements, for example, the
internet, in ensuring that markets become more competitive and making competition theory more
reasonable. Perfect competition is a market structure characterized by conditions that would not
exist in a normal market. These conditions include the presence of many buyers and sellers,
homogenous products, both buyers and sellers having perfect knowledge of the market
conditions and absence of barriers to market entry. While these conditions seem difficult to
achieve, the emergence of technological developments such as the internet has played a big role
in making markets more competitive.
The internet has enabled consumers to find a greater amount of i...


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