define perfect competition
Answers
Answer:
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.
Explanation:
In economics, perfect competition is a type of market form in which there are many companies that sell the same product or service and no one has enough market power to be able to set prices on the product or service without losing business.
Explanation:
The situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
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