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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Suppose the firms in a real-world market do not sell a homogeneous product. Does it necessarily follow that the market is not perfectly competitive?

To determine

Explain if it is necessary to follow all the assumptions of a perfectly competitive market and if it is not, and whether it is considered a perfectly competitive market.

Explanation

No, it is a perfectly competitive market. In a perfectly competitive market, there is large number of buyers and sellers selling homogenous products. The theory of perfect competition suggests some assumptions namely large number of buyers and sellers selling homogeneous products, free entry and exist, and so on...

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