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Question
Explain two similarities between a Perfect market and an Imperfect market.
Answer in Brief
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Solution
Two similarities between Perfect Market and Imperfect Market:
- In both the markets, the number of buyers and sellers is large.
- In both the market, the entry and exit of firms is free.
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Similarities Between Monopolistic Competition and Perfect Competition
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Chapter 5: Meaning and Types of Markets - Exercise [Page 139]
