Define a Perfectly Competitive Market, and List the Six Conditions

question 8

Essay

Define a perfectly competitive market, and list the six conditions necessary for a market to be perfectly competitive.

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Definitions:

Articles of Co-partnership

A legal document that specifies the rights, responsibilities, and obligations of partners in a partnership business.

Oral Agreements

Contracts or agreements that are made through spoken communication rather than in writing, though their legal enforceability can vary.

Arbitration

A form of dispute resolution where an impartial third party, the arbitrator, makes a decision to resolve a dispute outside of court.

Dissolution

Dissolution is the process through which a legal entity ceases to exist, involving the winding up of affairs, paying off debts, and distributing any remaining assets to owners.