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9 March, 02:15

What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive

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  1. 9 March, 02:29
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    There are three conditions for an formation of a perfectly competitive market which are:

    - There are many buyers and sellers participating in the market in the way that one buyer or seller or a group of buyers or sellers can not decide the price / production level of a product or service in the market.

    - All firms in the market produce and sell homogeneous product/service, that is, product/service sold in the market are non-differentiated.

    - Firms should be able to get into or leaving the market easily if they want so. That is, there should be no barrier to enter or to exit the market.
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