What are the conditions for a perfectly competitive market? What are some real-life examples of perfectly competitive markets? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm? Identify a good that you regularly purchase and you feel is in perfect competition – how do the characteristics of the goods and the market structure it operates in affect the firm’s ability to change the price?

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Conditions for a Perfectly Competitive Market 1 Many Buyers and Sellers Numerous buyers and sellers exist with no single participant having a signific... View the full answer