Question

Discuss competition and transport and communication as characteristics of perfect market

Answer 1

Answer:

Features of a Perfect Market:

A perfect market has the following conditions:

1. Free and Perfect Competition:

In a perfect market, there are no checks either on the buyers or sellers. They are free to buy or to sell to any person. It means there are no monopolies.

2. Cheap and Efficient Transport and Communication:

Uniform price for the commodity would not be possible if the changes in the prices are not quickly adjusted or the commodity cannot be quickly transported. Thus cheap and efficient means of transport and communication are must.

3. Wide Extent:

ADVERTISEMENTS:

Sometimes wide market is regarded as the same thing as the perfect market. For wide market, the commodity should have permanent and universal demand. The commodity should be portable. Means of transport and communication should be quick. There should be peace and security and extensive division of labour

Explanation:

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