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Consider the concept of perfect competition

  • 1. Consider the concept of perfect competition. This is where the firm faces infinitely elastic demand. How is this best explained? Provide an example.
  • 2. Consider the concept of maximizing the number of competitors and letting price be determined by “what the market will bear.” How do you interpret this statement? What is a good example of this at play?

Each discussion in 350 words, APA format and references for each discussion

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