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Economics - unit 1

Amardeep Kumar

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Perfectly Competitive Markets (Part II)

Description

Ideas and concepts based around perfectly competitive markets.

Mind Map by maddie.rapisardi, updated more than 1 year ago

	Created by maddie.rapisardi about 10 years ago

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Resource summary

Perfectly Competitive Markets (Part II)

Characteristics
1. Consumers and Producers are price takers
2. No Barriers to Entry/Exit
3. No Externalities
4. Excludable and Rivalrous
5. Full Information
6. Homogenous Goods
Supply in Perfect Competition
Demand in Perfect Competition

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