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In a competitive market, there are many buyers and sellers. The…

January 9, 2024

In a competitive market, there are many buyers and sellers. The goods offered are largely the same, and firms can freely enter or exit the market. Buyers and sellers are both price takers. The amount of output produced determines the revenue of a firm. Research and provide examples from the news of firms in perfectly competitive markets. Discuss with your peers how costs impact these firms’ profitability.

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