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Review question: Which of the following describes a perfectly competitive market?
Question: Review question: Which of the following describes a perfectly competitive market?
- Knowledge is limited.
- Barriers to entry and exit are non-existent.
- There are few firms competing in an industry.
- Products are varied.
Answers: Barriers to entry and exit are non-existent.
Conclusion of Review question: Which of the following describes a perfectly competitive market?
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