Perfect competition is the simplest market structure, where the market is assumed to be in equilibrium and that all sellers sell the same product at the same price. The four conditions for perfect competition are:
1. There are many buyers and sellers in the market so that no one individual or seller can influence the price of the products, goods, and services.
2. Identical products are offered by the sellers
3. Both the buyers and the sellers are well-informed about the products and want to maximize profit.
4. Entry and exit to and from the market can be done freely by the sellers and buyers.
There is no market which displays 100% perfect competition. However, markets exhibiting nearly perfect competition do exist. These include street food vending and agricultural markets.
Answer:
Blockade of the southern ports was an important war times strategy of the North during the Civil War.
Explanation:
Northern forces organized a blockade of Confederate ports to prevent cotton exports and war material from smuggling into the Confederacy. It was a significant economic strategy that effectively prevented Confederate access to arms that could be manufactured by the industrialized north itself. Despite the economic loss Britain and France remained neutral and therefore the international concern was not an issue anymore in the war.
Same bro not here for points
Gpd means gross domestic product
