merits and demerits of a perfect competition market??
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Merits of perfect competition : 1) Proper knowledge of product among consumer. 2) Due to homogeneous product less promotional cost. 3)Less competition. 4) no barrier to entry or exit. 5) no monopoly .
Demerits of perfect competition:1)no variety in products. 2) seller can't earn more than normal profit.3) In this competition producer not take initiative of modification or new invention .
Demerits of perfect competition:1)no variety in products. 2) seller can't earn more than normal profit.3) In this competition producer not take initiative of modification or new invention .
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