Examlex
A market in which there are many firms, each of which has an insubstantial share of the market; there is free entry into the market and no barriers exist to prevent entry; there is a homogeneous product and all firms in the industry produce exactly the same product; there is perfect factor mobility and the factors of production are free to move between industries; and there is perfect information in the sense that all participants in the market are fully informed about its price and about its profit opportunities is a perfectly competitive market.
Consequences
The outcomes, effects, or results that naturally follow from an action or condition.
Power Outage
A temporary loss of electrical power in a particular area, which can be due to several reasons including technical failures or maintenance work.
Rim
The outer edge of a circular object, such as a wheel or a basketball hoop.
Puncture
A small hole made by a sharp object in a surface.
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