Keyword Analysis & Research: competition in business definition

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What are the examples of perfect competition in business?

Perfect competition is an idealized market structure that provides a benchmark efficiency. Example of Pure Competition : Wheat Farm – There are great number of similar farms; the product is standardized; there is no control over price; there is no nonprice competition.

Why is competition important in business?

 Competition is important to your business because it enables you to identify your specific and unique traits that are appealing to customers . Identifying and harnessing these traits will enable you to market your business more effectively and bring in new customers .

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