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What is the significance of freedom of entry and exit of firms under perfect competition?

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The fixed exchange rate is a rate that is fixed and determined by the government of a country and only the government can change it. It is independent of free-market forces of demand and supply. Whereas the flexible exchange rate is that rate which is determined by the demand and supply of different currencies in the foreign exchange market. The government does not intervene in the fixation of the exchange rate.

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