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Sagot :
A change in input prices would shift a supply curve in a perfectly competitive market for a good.
What kind of market has perfect competition?
In a perfect market structure, both producers and consumers have complete and symmetrical information and there are no transaction costs. In this type of scenario, a sizable number of producers and customers are in competition with one another.
The qualities of perfect competitiveness are market with a large number of customers and merchants, free company entry and exit from the market, a uniform product should be offered by every business, both buyers and sellers should be fully informed about the market and no pricing regulation.
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