In the production of corn, millions of farmers world-wide are ____ and so there is ____ on economic profits to go to zero.

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Perfect competition is characterized by a large number of small firms, each unable to influence market price. Therefore, there is intense pressure on economic profits to go to zero. Since millions of farmers worldwide are involved in corn production, they are perfect competitors, and hence, there exists pressure for economic profits to go to zero.

In the Production of Corn, Millions of Farmers World-Wide Are