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(c) One of the characteristics of perfect competition is that PERFECT KNOWLEDGE exists. (i) Explain the underlined term. (ii) State two other characteristics of perfect

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(c) One of the characteristics of perfect competition is that PERFECT KNOWLEDGE exists. (i) Explain the underlined term. (ii) State two other characteristics of perfect competition. (iii) Write brief notes explaining each of these two characteristics. (30 marks)

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