,(a) What is Perfect Competition? State its features.
Answers
Explanation:
These are the three essential features of perfect competition: The number of buyers and sellers in the market is very large. These buyers and sellers compete among themselves. Due to the large number, no buyer or seller influences the demand or supply in the market. The commodity sold or bought is homogeneous..
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Answer:
In a perfect competition, the number of firms is large, products are homogeneous, factors are mobile, and everyone has the liberty to enter and exit the market.
FEATURES
1. Large Number of Buyers and Sellers
2. Homogeneity of the Product
3. Free Entry and Exit of Firms
4. Perfect Knowledge of the Market
5. Perfect Mobility of the Factors of Production and Goods
6. Absence of Price Control
7. Perfect Competition among Buyers and Sellers
8. Absence of Transport Cost
9. One Price of the Commodity
10. Independent Relationship between Buyers and Sellers
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