The firms operating in a perfectly competitive market, sell their product in a market with many other firms that produce identical or extremely similar products.
What is a Product?
A product is referred to as final or finished goods distributed in the market to serve the customers. This product can be both goods and services in which goods are tangible and services are intangible.
When all businesses sell identical goods, market share has no effect on prices, businesses can enter and exit the market without any restrictions, and businesses are unable to set prices, perfect competition is said to present.
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