Principles of Business

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Identify and discuss THREE features which could be used in determining if a company operates in a perfect competition.

1) The company produces something "generic" (e.g., mill lumber) that is also produced by several other compeating companies.
2) The company sells in a market where there are lots of buyers and lots of sellers.
3) The company does not determine the price of it's output; it sells at a market rate.

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