ECO 365 Week 3 DQ 2 - Latest Version 2014

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1. From the text, list, and fully explain, the requirements for perfect competition.
2. Pick one of the requirements to explain why perfect competition is not actually possible in the “real” world.

Answer:
There are 6 requirements for perfect competition, they are:

1. Both buyers and sellers are price takers.
2. The number of firms is large
3. There are no barriers to entry
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