Question

Q12. Mention any four features of perfect competition market.


And

Q13. What are the reasons behind ‘Increase in demand’ when demand

curve shifts rightward.
​

Answer 1

Answer:

A perfectly competitive market has the following characteristics:

There are many buyers and sellers in the market.

Each company makes a similar product.

Buyers and sellers have access to perfect information about price.

There are no transaction costs.

There are no barriers to entry into or exit from the market.

Answer 2

Hey mate..!!

Here is ur answer ⬇️⬇️

Q12.) The four features of perfect competition market are :

• The number of buyers and sellers in the market is very large. These buyers and sellers compete among themselves. Due to the large number, no buyer or seller influences the demand or supply in the market.
• The commodity sold or bought is homogeneous. In other words, goods produced by different firms are identical in nature.
• Firms can enter or exit the market freely.
• There are many buyers and sellers in the market.
• Each company makes a similar product.
• Buyers and sellers have access to perfect information about price.
• There are no transaction costs.

U can choose any four..!!

Q13.)

• Income. ...
• Credit facilities. ...
• Quality. ...
• Advertising can increase brand loyalty to goods and increase demand. ...
• Substitutes. ...
• Complements. ...
• Weather: In cold weather, there will be increased demand for fuel and warm weather clothes.