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What are the important characteristics of perfectly competitive markets? Give me 5 examples of perfectly competitive markets. Why...

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Economics

  1. What are the important characteristics of perfectly competitivemarkets?

  2. Give me 5 examples of perfectly competitive markets.

  3. Why do you think economist really like to talk about competitivemarkets?

  4. What does the concept of low or no barriers to entry mean? Whyis it so important to understand barriers to entry?

  5. Give me 5 examples of price takers in perfectly competitivemarkets.

Answer & Explanation Solved by verified expert
4.2 Ratings (453 Votes)
The main characteristics of perfectly competitive markets are 1 A Large Number of Buyers and Sellers 2 An Identical or a Homogeneous Product 3 No Individual Control Over the Market Supply and Price 4 No Buyers Preferences 5 Perfect Knowledge 6 Perfect Mobility of Factors 7 Free Entry and Free Exit of Firms Examples of perfectly competitive markets are i    See Answer
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