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a K notes 7/28 zoom- 1. A characteristic of a perfect competition industry a many firms, producing exact same goods b a few f
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Answer #1

1. A characteristic of a perfect competition industry is that many firms producing exact same goods, so the right answer is option A.

2. In perfect competition, there are no restrictions to entry and exit of the firms that implies any firm can enter the market anytime and leave the market anytime.

3. For a perfectly competitive firm price is always equal to the marginal revenue, so the right answer is option B. Because in perfect competition no single firm has a control over the prices that implies price will be equal to the marginal revenue.

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