emaleighdawnsmith emaleighdawnsmith
  • 13-05-2021
  • History
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Explain the competitive nature of the market system

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TurboReader
TurboReader TurboReader
  • 17-05-2021

A perfectly competitive market is characterized by many buyers and sellers, undifferentiated products, no transaction costs, no barriers to entry and exit, and perfect information about the price of a good. The total revenue for a firm in a perfectly competitive market is the product of price and quantity (TR = P * Q).

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