What are features of Perfect competition? How price is determined under Perfect
Competition, please explain with points explanation
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Free and Perfect Competition: In a perfect market, there are no checks either on the buyers or sellers. ...
Cheap and Efficient Transport and Communication: ...
Wide Extent: ...
Large number of firms: ...
Large number of buyers: ...
Homogeneous Product: ...
Free entry and exit: ...
Perfect knowledge:
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Answer:
In perfect competition, the price of a product is determined at a point at which the demand and supply curve intersect each other. This point is known as equilibrium point as well as the price is known as equilibrium price. In addition, at this point, the quantity demanded and supplied is called equilibrium quantity.
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