Marks:
Explain the following features of perfect
competition market with implications
a) very large number of buyers and sellers
(b) freedom of entry and exit
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Answer:
) Large number of buyers: Under perfect competition, there are so many buyers and sellers that no individual buyer or seller can influence the price of the commodity in the market. ... In a perfectly competitive market, there are no barriers to entry or exit of firms.... sorry I have only the first part
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