Answer :
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1. The statement "Perfect Competition is where there are many buyers & sellers that sell similar products" is TRUE.
2. In perfect competition, there are many buyers and sellers in the market. These buyers and sellers sell identical or homogeneous products, meaning the products are almost identical in terms of quality and features. An example like jeans fits this scenario because in a perfect competition market, multiple sellers offer the same type of jeans without any differentiation in quality or style.
3. Therefore, the statement is accurate in describing one of the key characteristics of perfect competition, which is the presence of many buyers and sellers offering identical products in the market.
I hope this explanation helps you understand why the statement is true. If you have any more questions or need further clarification, feel free to ask!
1. The statement "Perfect Competition is where there are many buyers & sellers that sell similar products" is TRUE.
2. In perfect competition, there are many buyers and sellers in the market. These buyers and sellers sell identical or homogeneous products, meaning the products are almost identical in terms of quality and features. An example like jeans fits this scenario because in a perfect competition market, multiple sellers offer the same type of jeans without any differentiation in quality or style.
3. Therefore, the statement is accurate in describing one of the key characteristics of perfect competition, which is the presence of many buyers and sellers offering identical products in the market.
I hope this explanation helps you understand why the statement is true. If you have any more questions or need further clarification, feel free to ask!
