What are characteristics of pure competition?

There are three characteristics of pure competition:

  • Large number of buyers and sellers: ...
  • Homogenous products: ...
  • Free entry and exit from industry: ...
  • The firm in the pure competition: ...
  • Short run profits using TR and TC. ...
  • Short Run Profits using Unit Cost and Revenue. ...
  • Loss Minimization and Shutdown in the Short run.

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