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Using cryptocurrency and blockchain perfect competition noun the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers. https://en.wikipedia.org/wiki/Perfect_competition A large number of buyers and sellers – A large number of consumers with the willingness and ability to buy the product at a certain price, and a large number of producers with the willingness and ability to supply the product at a certain price. Perfect information – All consumers and producers know all prices of products and utilities they would get from owning each product. Homogeneous products – The products are perfect substitutes for each other, (i.e., the qualities and characteristics of a market good or service do not vary between different suppliers). Well defined property rights – These determine what may be sold, as well as what righ...

perfect competition noun the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers. https://en.wikipedia.org/wiki/Perfect_competition Qs and As How new entrepreneurs will be created in a perfect competition market in the following example? An entrepreneur wants to start a business that requires high-end equipment. The price of high-end equipment is very high because it includes the labor cost of many people. But to run that high-end equipment, only one person is needed.  How will the person buy the equipment? In perfect competition, every participant is a price taker, and marginal costs should meet marginal revenue. But how both can be possible in this situation? If the entrepreneur takes a loan (some labor cost) of other participants, how will he/she repay the...