a) Characteristics

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Last updated 8:57 PM on 4/26/26
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4 Terms

1
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  • state who the buyers in a perfect market are

  • state who the sellers in a perfect market are

  • consumers

  • firms

2
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  • state the characteristics of perfect competition

  • many buyers and sellers

  • sellers are price takers

    • homogenous products

  • no barriers to entry and exit

  • perfect information

3
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  • state what buyers and sellers have perfect information on

  • state what sellers have perfect information on

  • prices

  • product quality

  • capital

  • production

4
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  • n/a

  • n/a