One of the assumptions of a perfectly competitive market
Question # 00842438
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Updated on: 06/15/2023 03:25 AM Due on: 06/15/2023
One of the assumptions of a perfectly competitive market is that firms within the industry are selling homogenous, or identical, products. Can you think of an example of an industry (not given directly in the chapter) where this is a good assumption? How does this impact competition within this industry?
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Solution: One of the assumptions of a perfectly competitive market is that firms