Perfect competition and the supply curve - perfect competition - two necessary conditions for perfect competition
4 important questions on Perfect competition and the supply curve - perfect competition - two necessary conditions for perfect competition
What are the two circumstance that make all producers price takers?
- The market must contain many producers that none of whom have a large market share.
- there are no obstacle to free entry and exit.
What is the assumption, about changing prices?
What do we call it when a producers market share is a fraction of the total industry output accounted for by that producers output
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What do we call a product that consumers regard as the same good even when it comes from different producers? what is its other name
commodity
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