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Answer: The rutabaga market is perfectly competitive and the price of a ton of rutabagas rises. as a result, rudy, a rutabaga farmer, will increase his output of rutabagas.
Explanation: According to economic theory, perfect competition exists when all businesses sell same goods, market share has no bearing on prices, businesses can enter or quit the market without obstacles, consumers have perfect or complete information, and businesses are unable to set prices.
It is a market that is solely influenced by market forces, in other words. It is opposed to imperfect competition, which more accurately reflects the nature of the market at the time.
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