Perfect competition is a situation in which no firm in a market is
losing all of it's customers a firm cannot raise it's prices. A firm
cannot lower it's prices
without all firms doing the same. There are many firms selling the
same product in this type
of market. A firm is able to sell as many goods as it wants as
long as the price is at the
equilibrium price set by the market. A competetive market is the
where many firms are selling the same fabric and wholesale prices are
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