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25 Nov 2021

Introduction

Perfect Competition- It refers to that market condition where there are a large number of buyers and sellers, who have perfect knowledge about the market and there is existence of homogeneity in the commodities and all the firms are price takers.

Total Revenue- It refers to the income earned by a firm when it sells its output. Total revenue is the price at which the commodities are sold times the quantity of the commodity sold.

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