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ECO 202. Perfect Competition. Business & Marketing Essay.

Essay Instructions:

Read chapter 23and prepare a brief paper of 1-2 pages summarizing the definition of perfect competition. Be sure to include number of firms in this industry, types of products/services, barriers to entry or exit, and can the firms in this industry make an economic profit in the long and/or short run?
Book-Economics today the micro view you can find the pdf on google.
https://industri(dot)fatek(dot)unpatti(dot)ac(dot)id/wp-content/uploads/2019/03/059-Economics-Today-The-Micro-View-Roger-LeRoy-Miller-Edisi-16-2011.pdf

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Perfect Competition
In perfect competition, each firm is a small unit in its respective industry that it does not have any significant effect on the prices of its products (Miller, 2012). The perfect competition firms must stick to a similar price as setting a higher price would lead to losing buyers. Selling at a lower price, on the other hand, would be unnecessary as there are already many buyers in the market. Firms, therefore, do not have a choice but to stick to homogenous prices. They all have the same price for products and equal market size.
In perfect competition, many firms produce products or offer services similar to those given by the other firms in the industry (Miller, 2012). This ensures that buyers gain no a...
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