characteristics of perfect competition
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Characteristics of Perfect Competition
In order to attain perfect competition, several factors need to be met. The following list outlines some of the main factors:
1. Knowledge is available to all buyers and sellers, and no individual has control over the prices.
2. Buyers and sellers have no barriers to enter or leave the market.
3. Buyers and sellers want to maximize profit.
There are too many sellers and buyers to take control of the market.
4. All goods are homogeneous.
5. The government does not get involved.
There are no costs associated with transportation.
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