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1.5.3 Perfect competition

What four assumptions underpin perfect competition?

A

Many buyers and sellers, a homogeneous product, free entry and exit, and perfect knowledge.

B

Many buyers and sellers, a differentiated product, free entry and exit, and imperfect knowledge.

C

A few large buyers and sellers, a homogeneous product, restricted entry and exit, and perfect knowledge.

D

A single buyer and seller, a differentiated product, restricted entry and exit, and imperfect knowledge.

1.5.3 Perfect competition Flashcards

  1. A Level
  2. /Economics
  3. /1.5.3 Perfect competition

Flashcards for AQA A Level Economics 1.5.3 Perfect competition, covering the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3. 21 cards, matched to the AQA A Level Economics (7136) specification.