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? Definition- Market structure in which a very large number of firms sell a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no nonprice competition, and there are a large number of buyers and sellers.
? Characteristics- Large number of buyers and sellers, perfectly elastic, homogeneous products, to efficient, has allocative efficiency.
? Short/long run profit- May make or lose money in the short run, Breaks even in the long run.
? Demand/Marginal Revenue Curves- Perfectly Elastic, Horizontal lines...
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