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Price taker
Perfect Competition
Large number of buyers and sellers
Homogeneous products
No barriers to entry/exit
Factors of production are perfectly mobile
What is the outcome of Perfect competition?
How do firms decide their level of output?
Short run profits and the industry response?
Long Run Equilibrium
Long Run equilibrium
Dynamic Efficiency
(Perfect competition)
Firms making losses
Entering and leaving the industry
Structural performance and conduct model
