Online Shopping platforms are perfect examples of perfectly competitive markets." Do you agree? Share your views in 200 words.
Answers
"Online Shopping platforms are perfect examples of perfectly competitive markets." Do you agree?
➲ Online shopping platforms are perfect examples of perfectly competitive markets, we fully agree with this.
An ideal competitive market has the following characteristics...
- In an ideal competitive market, similar products are sold and bought.
- It consists of a lot of sellers and a lot of buyers.
- Many buyers are available to buy a product and many sellers are available to sell a product. In this way both the seller and the buyer have all the same opportunities to make rational decisions about buying and selling products.
- In a competitive market, any firm can easily enter and leave the market without any restrictions.
- In an ideal competitive market, both buyer and seller have free market entry and exit.
Online platforms also fulfill all these conditions. Nowadays a large number of online platforms are available. Many varieties of products are also available on any online platform, this gives the buyer the option to choose the product according to their choice. Similarly, the number of buyers for online shopping is also increasing continuously and online platforms are becoming an alternative to the traditional market.
Therefore it would be perfectly correct to say that online platforms are an ideal example of a perfectly competitive market.
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