It assumes that information flows completely and instantly, firms always seek maximum profit, total freedom to enter and leave the market exists, and no business is large enough to have undue influence.
It assumes that information flows completely and instantly, firms always seek maximum profit, total freedom to enter and leave the market exists, and no business is large enough to have undue influence. For 10 points—identify this market structure in which resources are allocated perfectly but there is no long-term profit.
It assumes that information flows completely and instantly, firms always seek maximum profit, total freedom to enter and leave the market exists, and no business is large enough to have undue influence.
{perfect competition} [or {pure competition}]