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3.4.2 Perfect competition

What assumptions define perfect competition?

A

A single seller, a homogeneous product, free entry and exit, and perfect knowledge.

B

Very many small buyers and sellers, a differentiated product, free entry and exit, and imperfect knowledge.

C

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

D

Very many small buyers and sellers, a homogeneous product, free entry and exit, and perfect knowledge.

3.4.2 Perfect competition Flashcards

  1. A Level
  2. /Economics
  3. /3.4.2 Perfect competition

Flashcards for Edexcel A A Level Economics 3.4.2 Perfect competition, covering the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3. 19 cards, matched to the Edexcel A A Level Economics (9EC0) specification.