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Firms are said to be in perfect competition when the following conditions occur 1 many firms produce identical products 2 many buyers are available to buy the product and many sellers are available to sell the product 3 sellers and buyers have all relevant information to make rational decisions about the.
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Common examples of marketing at work include television commercials billboards on the side of the road and magazine advertisements But not all businesses approach the need to market their goods and services the same way.