Chapter 10 QUiz
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Perfect Competition
occurs in an industry when that industry is made up of many small firms producing homogenous (the same) products, when there is no impediment (obstacle) to the entry or exit of firms, and when full information is available
A market is said to operate under perfect competition when the following four conditions are satisfied:
1. Numerous small firms and customers, homogeneity of product, freedom of entry and exit, and perfect information