What five conditions are necessary for perfect competition to exist?
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There are must sellers and buyers homogenous products are sold
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the model of perfect competition is based on the following assumptions.
1 large numbers of sellers and buyers.
2 product homogeneity.
3 free entry and exit of firms.
4 profit maximization
5 perfect knowledge about the product.
1 large numbers of sellers and buyers.
2 product homogeneity.
3 free entry and exit of firms.
4 profit maximization
5 perfect knowledge about the product.
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