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16 November, 13:28

What is the defining feature of pure competition?

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  1. 16 November, 13:37
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    Pure competition is an ideal economic scenario in which there are a large number of independent sellers and consumers, and the given product is in ready supply. Sellers are unable to decrease the price of a product because it is so readily available from competitors, and consumers are unable to decrease it because there is such wide demand.
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