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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:

Extrinsic Reward

A reward that comes from outside an individual, such as money, fame, grades, and praise, which motivates behavior.

Implicit

Information or knowledge that is understood or implied without being directly stated or consciously recognized.

Explicit

Referring to knowledge or information that is fully and clearly expressed or demonstrated, leaving no room for confusion or doubt.

External

Relating to, situated on, or connected with the outside or an outer part.

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