Question

under perfect competition communities are____________ in nature​

Answer 1

In perfect competition,communities are usually optimal in nature or practice.

Explanation:

Perfect competition is a market structure characterized by large number of buyers and sellers in the market,homogeneous product/service,competitive price structure,absence of barriers of entry for firms/companies,no government interventions and transportation cost,perfect market information or product knowledge to the consumers.It is a market structure which is desirable in the society as consumers are able to get fair price for every product or service and the producers can also achieve optimal and equitable profit.However,perfect competition is a hypothetical market situation which does not exist in reality but communities can be best benefited under such market structure.