Discuss the competition and transport and communication as characteristics of perfect markets
Answers
Answer:
Homogeneous Product: In a perfectly competitive market, all the firms produce and supply the identical products. It means that the products of all the firms are perfect substitutes of each other. As a result of this, the price elasticity of demand for a firm's product is infinite.
l hope you understand.....
Explanation:
Discuss the competition and transport and communication as characteristics of perfect markets
which of these reasons?
A-It does not consider utility to
be ordinal
B-It does not consider utility to
be cardinal
C-It considers utility to be
cardinal
D-It assumes consumer to be
rational
identify and explain the concepts from the given illustrations 1. My father purchased a two wheeler vehicle. This helps to fulfil my travel needsidentify and explain the concepts from the given illustrations 1. My father purchased a two wheeler vehicle. This helps to fulfil my travel needs