Summary of Perfect Competition⭐✅
is a market structure where many small firms compete, and no single firm can influence the market price. It represents an ideal scenario for market efficiency.

*Concept:* In perfect competition, all firms sell identical products, there are no barriers to entry or exit, and information is perfectly shared among all participants.

Example: A classic example is the agricultural market for products like wheat or corn 🌾, where many farmers sell the same product and no single farmer can control the price.

Characteristics:
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*Many Buyers and Sellers:* No single entity can influence the market price 🛒🛍️.
*Homogeneous Products:* All products are identical and interchangeable 🍎🍏.
*Free Entry and Exit:* Firms can easily enter or leave the market 🚪➡️🏢.
*Perfect Information:* Everyone has full knowledge of prices and products 📈🔍.
*Price Taker:* Firms accept the market price as given and adjust their output accordingly 💵📊.

chapters :
00:00 00:43 meaning (concept) of perfect competition
07:49 Characteristics of perfect competition 📈⭐
35:59 summary ✅



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