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Perfect competition is a market in which there are many firms, each selling an identical product; many buyers; no barriers to the entry of new firms into the industry; no advantage to established firms; and in which buyers and sellers are well informed about prices.
Explain why perfect competition is efficient.
Determine whether perfect competition is fair based on the two views, i.e., fair rules and a fair result.
Your evaluation should be based on the many perfect competition markets that you encounter in your everyday life, and your research conducted on this topic.