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25 March, 11:11

True or false: the market for wheat does exhibit the two primary characteristics that define perfectly competitive markets.

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  1. 25 March, 14:18
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    That statement is true

    there is not many variation for a basic wheat, so they will pretty much sell the same thing (one characteristic of perfectly competitive markets)

    There are also many buyers in the market and they are not dependent toward one single seller. This makes the sellers unable to control price according to their benefit (2nd characteristic)
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