List and Describe the Characteristics of a Perfectly Competitive Market

question 103

Essay

List and describe the characteristics of a perfectly competitive market.

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Definitions:

Lost Election

The outcome for a candidate or party that does not receive a majority of votes or sufficient votes to win a political election.

High Tariffs

Taxes on imported goods designed to protect domestic industries from foreign competition by making imported goods more expensive.

Re-election

The act of being elected again to a position or office that one has previously held.

AWSA

The American Woman Suffrage Association, a 19th-century organization focused on securing women's right to vote through amendments to individual state constitutions.