Question

define perfect competition?what are tha characteristics of perfect completion market?​

Answer 1

Answer:

The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.

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Answer 2

Answer:

The three primary characteristics of perfect competition are:

(1) no company holds a substantial market share,

(2) the industry output is standardized, and

(3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.

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