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'Perfect competition' is a technical term, like 'ideal gas'. https://en.wikipedia.org/wiki/Perfect_competition https://en.wikipedia.org/wiki/Perfect_competition

• whack 10y ago
  To add on, my previous post was referring to "economic profits", which is different from nominal profits. A sublink from above clarifies this further. https://en.wikipedia.org/wiki/Perfect_competition#Normal_profit https://en.wikipedia.org/wiki/Perfect_competition#Normal_pro...