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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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GREEN LOGIGUIN [What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
This isn't me! What am I?
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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KLCE Kuala Lumpur Commodity Exchange (Malaysia)
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