Which degree of competition exists where the number of firms in the industry is large,all the firms are small,and the products produced are virtually identical?

Name: Which degree of competition exists where the number of firms in the industry is large,all the firms are small,and the products produced are virtually identical?
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Question

Quizplus · Accepted Answer

Perfect competition is characterized by a large number of small firms producing virtually identical products, leading to no single firm having market power.

Which Degree of Competition Exists Where the Number of Firms