Peice and output determinationunder perfect competition
Answers
Perfect competition is that market in which there are large no of buyers and sellers of a homogeneous product a d there is no price control of individual...
Price determination is described by..
Market forces decides the price in the market as supply and demand and producers are forced to sell the output and prevailing prices....
Output is determined by....
How much demand of a commodity is in market that amount is to be produced in the industries...
Perfect competition refers to a market situation where there are a large number of buyers and sellers dealing in homogenous products.
Perfect competition refers to a market situation where there are a large number of buyers and sellers dealing in homogenous products.Moreover, under perfect competition, there are no legal, social, or technological barriers on the entry or exit of organizations.
Perfect competition refers to a market situation where there are a large number of buyers and sellers dealing in homogenous products.Moreover, under perfect competition, there are no legal, social, or technological barriers on the entry or exit of organizations.In perfect competition, sellers and buyers are fully aware about the current market price of a product. Therefore, none of them sell or buy at a higher rate. As a result, the same price prevails in the market under perfect competition