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Explain what are conditions that create perfect competition

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Reference no: EM131697993

Problem

Firms like Walmart, Target, and Kmart are often given as examples of competitors. Ironically, these firms are not what an economist would define as perfectly competitive firms.

• Why are these firms not perfectly competitive?
• What are the conditions that create perfect competition?
• Name or describe an example of a perfectly competitive good or firm.

Reference no: EM131697993

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