Characteristics of perfect competition

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1. Discuss fully what a market structure is? Cite an example.

2. Explain the following characteristics of perfect competition:

2.1 Price-taking

2.2. Production of a homogenous or perfectly standardized product

2.3 Barriers to entry and exit

3. How is price of a product/service determined under perfect competition? Briefly describe the demand curve of a perfectly competitive firm?

4. What is the profit maximizing output level of a perfectly competitive firm in the short run?

Reference no: EM132918264

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