Question

Explain the important features of perfect competition market.
(4 marks)​

Answer 1

Answer:

The characteristics of a perfectly competitive market include insignificant contributions from the producers, homogenous products, perfect information about products, no transaction costs, and no long-term economic profits.....

Explanation:

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Answer 2

• There are many buyers and sellers in the market .
• Each company makes a similar product .
• Buyers and sellers have access to perfect information about prices .
• There are no transactions costs .
• There are no barriers to entry into or exist from the market .