A market structure in which a limited number of firms all produce related products is perfect competition.
Option D. A market structure in which a limited number of firms all produce related products.
The concept of perfect competition represents a theoretical market structure. In a perfect competition model, there are no monopolies. This type of structure has several important characteristics, including:
Perfect competition is a market structure in which many firms all produce the same product. product. Oil, notebooks, milk, etc. are the same no matter who makes them.
Perfect competition describes a market structure with the maximum possible competition. For clarity, a market that has the following characteristics in its structure is said to be a perfectly competitive market:
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