It is said that there is no completition in a perfect, Business Economics

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It is said that there is no completition in a perfect

1. It is said that there is no completition in a perfect competition situation. Why? Give an example to illustrate this.

2. Name 3 commodities that you would consider to be bought and sold in a perfect competition market situation.

3. If someone is producing corn and making a lot of money by doing so, what will happen in the short-run? Long run?

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Business Economics: It is said that there is no completition in a perfect

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