Understanding of one key aspect of perfect competition

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Discuss your understanding of one key aspect of perfect competition. Apply your understanding of perfect competition to the world around you.

A. In a perfectly competitive industry, buyers and sellers are "price-takers". What exactly does it mean to say that sellers are price takers?

B. Identify an industry / market that, in your understanding, can be described as being close to "perfectly competitive". Discuss your choice

Reference no: EM131084768

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