Describe the five conditions necessary for PURE competition to exist

5 Requirements of Perfect Competition

All firms sell an identical product.

All firms are price-takers.

All firms have a relatively small market share.

Buyers know the nature of the product being sold and the prices charged by each firm.

The industry is characterized by freedom of entry and exit.

Explanation:

codfish influenced the yankee trade because they traded it with the americans and the americans traded livestock, molasses and stuff that they can make clothes out of (like wool, and leather). they also could make weapons to.

a social contract.

"a social contract is an agreement between citizens and their leader where the citizens give up certain freedoms in exchange for protection. the constitution of the united states is an example of a social contract."