(Answered) Examine the characteristics of perfect competition think

Economics

Examine the characteristics of perfect competition. Think about the market for retail gasoline, a market of perfect competition.

What are the key characteristics of perfect competition? In what way does this market display the characteristics of perfect competition?

Compare the market for retail gasoline to the automobile market, which is an oligopoly.

In what ways are the automobile market and its market conditions different from those of retail gasoline? What other goods and services come close to meeting the criteria for perfect competition?

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