Question

Explain' large number of buyers and sellers as the feature of perfect competition.

Answer 1

Heya....

Perfect competition has the feature of having large no of buyers and sellers...

Means...

In the perfect competition there are large no of buyers and sellers of a single type of good that leads to no price control and also to homogeneous of products...

Implications...

"" This leads that the firm in this market are price taker , not maker...

"" Firms can sell any amount of commodity at the prevailing prices...

"" Demand curve is perfectly elastic in nature...

-- Be Brainly....

Answer 2

Hello friend !!

Thanks for the question!

YOUR ANSWER :-

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♦♦ Large Number of buyers and sellers are the feature of perfect competition.

As we know, We have a type of competition in our entire life. When we our in our school days we have study competition, when we are in the field of art and craft, We have a competition with the different products industries.
In the same way, The large number of buyers and sellers are the feature of perfect competition. This competition is very beneficial for the buyers as to attract the buyers towards the product, sellers used to put up the sale, and to provide high quality materials.

It creates a type of competition between the sellers.

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