Examlex
Which of the following is (are) basic feature(s) of a perfectly competitive industry?
Intersect
The point at which two or more lines or paths cross each other.
Substitution Effect
The change in consumption of goods that occurs when a price change for one good makes another good more or less attractive as a substitute.
Price Decrease
A reduction in the cost of goods or services, often resulting from factors like increased competition, lower production costs, or decreased demand.
Consumption
The use of goods and services by households.
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