Princ. of Microeconomics

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Last updated 11:44 PM on 7/20/26
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4 Terms

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Perfect Competition

  • idealized theoretical market structure where many small firms sell identical products and no single firm can influence the market price. In this scenario, all firms are price takers, and free entry and exit in the market lead to long-run equilibrium where firms earn zero economic profit.

    • It is characterized by perfect information, homogeneous products, and ease of entry and exit.

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