The condition for perfect competition is:
(a) Large number of buyers and sellers, free entry and exit
(b) Homogenous product
(c) Both (a) and (b)
(d) None of these
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Explanation:
ur answer is option C) i.e both the option A and B
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The condition for perfect competition is a large number of buyers and sellers, and a homogenous product.
What are the conditions for perfect competition?
- The buyers and the sellers have to know the price and the quality of the product in perfect competition
- The firms are present in large number in perfect competition
- The firm can easily enter and exit without any cost in perfect competition
- There is no role of government to determine the price of any product
- In perfect competition, buyers can easily accept the price in the market
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