Definition of a perfectly competitive industry

Reference no: EM1375717

Cammco Industries operates in a large competitive market. While there are some other comapnies in industry due to the high fixed costs of building plants, rival companies are very aggressive in their pricing strategies. Of the products sold in the industry, over 80 percent have ten years of patent protection remaining. Does this industry meet an economist's definition of a perfectly competitive industry?

Reference no: EM1375717

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