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What Are the Key Features of a Perfectly Competitive Market

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What are the key features of a perfectly competitive market?


Definitions:

Behavior Pattern

Regularly observed actions or reactions that characterize an individual's or group's consistent responses under certain conditions or stimuli.

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc., especially in a group or organization.

Global Economy

An interconnected marketplace where goods, services, and capital flow across international borders, influenced by global events and trends.

Lower-Context Cultures

Cultures where communication is explicit, and messages are conveyed mostly through words rather than contextual elements.

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