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Perfect competition in short |
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Perfect Competition For perfect competition to exists, 5 conditions must be present. These conditions must not be compromise therefore it is hard to find perfect competition in real life. ... • Perfect market knowledge The conditions and prices of the market are easily accessible through the help of technology or other means. ... Characteristics After the conditions of the market have been met, perfect competition will occurs and it is affirmed of its existence when the following characteristics are displayed. ... • Uncommon Market Perfect competition rarely exists and it is seldom a complete perfect situation when examples are given. Shares and foreign exchange are very good example of market that are very comparable to the perfect competition situation lacking in only little differences. • Impersonality of market When perfect competition exists it can also indicate that the selected industry is huge therefore firms are seldom affected by what other firms are doing |
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Title: Perfect competition in short
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