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25 February, 21:36

Which of the following is a characteristic of perfect competition? Group of answer choices many sellers and few buyers many buyers and few sellers a heterogeneous product buyers and sellers having all relevant information high barriers to entry and exit

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  1. 25 February, 23:52
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    The correct answer is letter "D": buyers and sellers having all relevant information.

    Explanation:

    Perfect Competition is a theoretical market structure in which competition is at the highest possible level. These five (5) elements contain a perfectly competitive market: all firms sell the same product, all firms are price-takers, all firms have relatively small market shares, buyers have complete product and price information, and the industry is characterized by low or no barriers to entry and exit.
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