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What are some characteristics of perfect competition

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Reference no: EM132402225

1. What are some characteristics of perfect competition? (75 words)

2. Is demand elastic or inelastic for a product that is in perfect competition? (60 words)

3. The short run and long run for perfectly competitive firms. How do perfectly competitive firms adapt to market changes in the short run? What can perfectly competitive firms expect in the long run in terms of profits? (175 words)

Reference no: EM132402225

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