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Which of the following statement is true about perfect competition?
There are large number of buyers and sellers
The firms sell differentiated products
There is no free entry and exit.
Each firms possesses imperfect knowledge
Option (1) is correct. Explanation: In the perfect competition, there are very large number of buyers and sellers. They are so large that the share of each buyer or seller in the market is insignificant. Hence, they cannot influence the price in the market.
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