Description
List the characteristics that a market must possess in order for it to be considered perfectly competitive. Discuss how these characteristics impact the firm in a perfectly competitive situation would decide how much to produce and charge. What is the criteria the firm would use to decide how much to produce and charge? How do these characteristics change if the market becomes a monopoly? Does the method of deciding how much to produce and charge change when the market becomes a monopoly?
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A perfectly competitive market is a market where a business deal with the same identical
products, the businesses can exit and enter the market easily since there are no barriers. It has a
number of features which are: There are multiple firms in the market, Knowledge of the market
is available to everyone where all information is perfect w...
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