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The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets - True
What are perfectly competitive markets?
The phrase "perfect competition" describes a fictitious market structure.
Despite the fact that perfect competition is uncommon in real-world markets, it offers a valuable framework for illustrating how supply and demand influence pricing and behavior in a market economy.
When there are many buyers and sellers, perfect competition results in prices that accurately reflect supply and demand.
Businesses make just enough money to cover their costs and nothing more. If they made excessive profits, rival businesses would enter the market and lower profits.
Imperfect competition, which occurs when a market deviates from the ideals of pure or perfect neoclassical competition, is its antithesis.
To learn more about perfectly competitive markets, refer
https://brainly.com/question/1748396
#SPJ4
The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets - True
What are perfectly competitive markets?
The phrase "perfect competition" describes a fictitious market structure.
Despite the fact that perfect competition is uncommon in real-world markets, it offers a valuable framework for illustrating how supply and demand influence pricing and behavior in a market economy.
When there are many buyers and sellers, perfect competition results in prices that accurately reflect supply and demand.
Businesses make just enough money to cover their costs and nothing more. If they made excessive profits, rival businesses would enter the market and lower profits.
Imperfect competition, which occurs when a market deviates from the ideals of pure or perfect neoclassical competition, is its antithesis.
To learn more about perfectly competitive markets, refer
brainly.com/question/1748396
#SPJ4
