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InterviewSolution
| 1. |
State the two important definitions of perfect competition as given by two economists. |
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Answer» Important definitions of perfect competition: (a) According to Mrs. Robinson ‘Perfect competition exists where the demand of product of the producer totally depends on its price.’ (b) According to Prof. Leftwich, ‘Perfect competition is a market system where there are many firms that sell identical products, with no firm large enough to influence the market price.’ |
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