project work on economic about perfect compititions of market (1) introduction (2) meaning (3) definition (4) types of perfect Compitions of market
Answers
Answer:
Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information, no transaction costs, where there are a large number of producers and consumers competing with one another.
Perfect competition is theoretically the opposite of a monopolistic market.
Since all real markets exist outside of the plane of the perfect competition model, each can be classified as imperfect
Explanation:
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Answer:
introduction;:
perfect competition occurs when all companies sell identical products , market share does not influence price , companies can enter or exit without any barrier
Explanation:
meaning
the situation preveling in a market in which buyers and sellers are so numerous and well that all elemts of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers
defination:
perfect compitition is a type of market form in which there are many companies that sells the same product or service and no one has enough market power to be able to set prices on the product or service without losing business
types of perfect compitition:
1) large markets
2) homogenous market
3) free entry and exit
4) no transportation cost