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The characteristics of perfect competition include: large
number of buyers and sellers, easy entry to and exit from the market,
homogeneous products, and the firm is the price taker. Many fast food
franchises fit all or most of these characteristics. Competition within the
industry as well as market supply and demand conditions set the price of
products sold. For example, when Wendy’s introduced its $.99 value
menu, several other companies implemented the same type of changes
to their menu. The demand for items on Wendy’s value menu was so
high because they were offering the same products as always, but at a
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Common topics in this essay:
- A QUICK REVIEW (AND EXAMPLE) OF PERFECT COMPETITION
- Can perfect competition achieved by Electronic Commerce?
- Compare and contrast the models of perfect competition and monopoly
- Competition In The Market
- Competition In The Mp3 Player Industry
- Competition in tne MP3 Industry
- Perfect Competition Market model
- Perfect Competition Real Estates
- Perfect Competition Vs. Monopoly
- Perfect Competition
- Perfect competition and real estate agencies
- perfect competition
- Why is perfect competition often described as the ideal market structure? Compare and contrast with other known market structures.
- Perfect Competition V. Monopolies
- Competition Vs. Monopoly
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