Question

In which type of market number of buyers and seller is innumerable?
(a) Oligopoly
(b) Perfect Competition
(c) Monopolistic Competition
(d) Duopoly

Answer 1

In perfect competition

Answer 2

Perfect competition is the type of market number of buyers and sellers is innumerable.

What are the features of perfect competition?

• In perfect competition, there are a large number of buyers and sellers which influence the demand and supply of the product
• Any firm can easily enter or exit in perfect competition
• The buyers and sellers know the quantities of goods
• There are many facilities provided in this market to transfer goods from one place to another
• The price of the product is determined by the market