All of the following are true about perfect competition except that 1. There is free market entry
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Question:
All of the following are true about perfect competition except that
1. There is free market entry without large capital costs for entry.
2.Firms are price takers.
3.In the long run, an increase in profit will have no effect on the number of firms in the market.
4.There are many firms participating in the market.
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