elucidate the pricing and output decision under perfect competition

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Elucidate the pricing and output decision under perfect competition 
Answer: 
Perfect competition is a market having large number of producers, large number of consumers, 
homogeneous product, free exit and entry, no selling cost and perfect information among market 
participants. 
Under this market structure, price is determined by the market and all firms accept this price as 
given i.e. under perfect competition,

elucidate the pricing and output decision under perfect competition

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