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PAST DUE ACCOUNT |
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An account that has a payment that was not received by the scheduled date.
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PERFECT COMPETITION |
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A market condition where no buyer or seller has the economic power to alter the market price of a good or service; characterized by a large number of buyers, a large number of sellers, all selling similar products or services, an equal awareness of prices and volume, an absence of discrimination in buying or selling, total mobility of productive resources and complete freedom of entry into the market. As opposed to MONOPOLY; OLIGOPOLY. Also called PURE COMPETITION.
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