Define perfect competition.
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Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.
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perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product . All firms are price takers
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