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Discuss the meaning of perfect competition

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Answer both questions. Each answer carries 50 marks.

Q1.Define business environment and also discuss the main factors of business environment. (750 words)

Q2. Discuss the meaning of perfect competition. Analyse the conditions in which the firm and the industry will be in equilibrium in the short and long run under perfect competition. (750 words)

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Reference no: EM13922571

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