Which of the following is/are the characteristics of perfect competition.
(a) Many small sellers
(b) Many small buyers
(c) Product undifferentiated
(d) All of the above
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Answer:
Your answer is optiona (d)
Explanation:
A perfectly competitive market is characterized by many buyers and sellers, undifferentiated products, no transaction costs, no barriers to entry and exit, and perfect information about the price of a good. ... A firm in a competitive market tries to maximize profits
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