Question

define perfect competition.Difference between perfect competition and pure competition.what are the characteristics of perfect competition?​

Answer 1

Answer:

Pure competition is a variants of perfect competition where as perfect competition is a additional version of pure competition.

Answer 2

Answer:

hey mate here is your answer:

Explanation:

Agricultural markets are examples of nearly perfect competition as well. Imagine shopping at your local farmers' market: there are numerous farmers, selling the same fruits, vegetables and herbs. You can easily find out the prices for the goods, but they are usually all about the same.

Differentiate between perfect and pure competition:

Pure competition and perfect competition are almost same. But there are a few differences between them. ... Pure competition is less restrictive whereas Perfect competition is more restrictive. Pure competition is a variants of perfect competition whereas Perfect competition is a additional version of pure competition.

Characteristics of perfect competition:

The following characteristics are essential for the existence of Perfect Competition: -

• Large Number of Buyers and Sellers.

• Homogeneity of the Product.

• Free Entry and Exit of Firms.

• Perfect Knowledge of the Market.

• Perfect Mobility of the Factors of Production and Goods.

• Absence of Price Control.

hope it will help you...