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| 1. |
Define perfect competition. |
| Answer» <html><body><p></p>Solution :It refers to a <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> situation where there are very large number of buyers and selles dealing in a <a href="https://interviewquestions.tuteehub.com/tag/homogeneous-1028736" style="font-weight:bold;" target="_blank" title="Click to know more about HOMOGENEOUS">HOMOGENEOUS</a> product at a <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> by the industry. The firm is a price <a href="https://interviewquestions.tuteehub.com/tag/taker-1238573" style="font-weight:bold;" target="_blank" title="Click to know more about TAKER">TAKER</a>.</body></html> | |