Asked by
Alain Giroux
on Nov 04, 2024
Verified
Perfectly competitive industries are characterized by a homogeneous product.
Perfectly Competitive Industries
Industries in which many firms produce identical products, and entry and exit are easy, leading to zero economic profit in the long run.
Homogeneous Product
A product that is considered identical or equivalent by consumers, with no significant differences from other products in the market.
- Gain an understanding of the prerequisites and consequences of engaging in a perfect competition market ecosystem.
Verified Answer
ST
Learning Objectives
- Gain an understanding of the prerequisites and consequences of engaging in a perfect competition market ecosystem.
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