What Is the Most Important Difference Between Perfectly Competitive Markets

question 162

Essay

What is the most important difference between perfectly competitive markets and monopolistically competitive markets?

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Definitions:

Bound

To be legally or morally obligated; often referring to the commitments made in a contract or agreement.

Purchased

Purchased refers to the acquisition of goods or services in exchange for money or other consideration.

Ratifying Contract

The act of formally approving an agreement to make it valid and binding, often after the fact.

Accepting Benefits

The act of receiving advantages, possibly under a contract, and particularly in a manner that implies acknowledgment or endorsement.