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Unit 2.11(2) Market power - Perfect competition(HL)

This page covers the nature of perfect competition, price and output in the market, profits and losses and efficiency in perfect competition. Agricultural markets provide the best examples of perfect competition. The example used in this chapter is rice farmers in Vietnam, which has 1.3 million producers. Market demand and supply determine the market price and output. Diagram 2.110(2) shows how market demand and...

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