Explain the implications of following features: (i) 'Freedom of entry and exit of firms' under Perfect competition. (ii) 'Large number of buyers and sellers' under Perfect Competition. (iii) 'Homogeneous Product' under Perfect Competition (iv) 'Perfect Knowledge among Buyers and Seller's under Perfect competition. (v) 'Differentiated product' feature of Monopolistic competition

Explain the implications of following features: (i) 'Freedom of entry

1.	Explain the implications of following features: (i) 'Freedom of entry and exit of firms' under Perfect competition. (ii) 'Large number of buyers and sellers' under Perfect Competition. (iii) 'Homogeneous Product' under Perfect Competition (iv) 'Perfect Knowledge among Buyers and Seller's under Perfect competition. (v) 'Differentiated product' feature of Monopolistic competition
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