Perfect Competition
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Perfect Competition

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Short excerpt:

In economic analysis, only perfect competition and monopoly show the extreme positions of firms in an industry. Perfect competition simply comes under definition as a market situation where there are a large number of sellers in the industry, each one selling a homogenous product, and a large number of buyers. In economics, competition is mainly described as the power that an individual firm has to influence the price in the industry. In perfect competition, no single individual firm has the power to influence the price set in the industry. According to Bilas, the perfect competition is characterized by the presence of many firms. They all sell identical products, and the seller is a price taker, not price maker (Jain Trehan, pp. 243). The characteristic of price taker signifies that the

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