Perfect Competition 0.0 / 5 ? EconomicsCompetitive marketsA2/A-levelEdexcel Created by: lysette-ashmoreCreated on: 14-11-17 12:11 Key assumptions of a perfectly competitive market HALFPPP 1 of 8 Number of firms many 2 of 8 Type of product Homogeneous 3 of 8 Barrier to entry none 4 of 8 Super-normal profit in the short run Yes 5 of 8 Super-normal profit in the long run No 6 of 8 Pricing powerq Price taker 7 of 8 Productively efficient? Yes 8 of 8
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