Perfect competition arises if the _______ efficient scale of a single producer is _______ relative to the demand for the good or service.

Name: Perfect competition arises if the _______ efficient scale of a single producer is _______ relative to the demand for the good or service.
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Question

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Perfect competition is characterized by many small firms, where the minimum efficient scale of a single producer is small relative to the market demand, allowing for many competitors in the market.

Perfect Competition Arises If the _______ Efficient Scale of a Single