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Each business/firm (from the hot dog stand to complex organizations such as Apple and GM) operates under given market structures. This structure determines how the
Each business/firm (from the hot dog stand to complex organizations such as Apple and GM) operates under given market structures. This structure determines how the business makes decisions. One such structure is the Perfectly Competitive market. Please share with us your understanding of these specific market structures. What are the basic assumptions and what is the importance of each in ensuring competitiveness in the market? Provide examples of industries that exhibit these behaviors.
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