Question

What are the four characteristics of perfect competition market?

Answer 1

Answer:

Explanation:

1) large no. Of sellers

2) large no. Of buyers

3) free entry and exit

4) free from government intervention

5) perfect knowledge of market conditions

6) perfect mobility of a factors of production

7) homogeneous product

8) single price

9) transport cost is constant

Answer 2

Easily enter and exit, best price of goods, no transportation cost, and no role of government are the characteristics of perfect competition market.

What are the features of a perfect competition market?

• In perfect competition, the buyers and sellers know the quality and price of the goods
• The price of goods is changed easily with changes in demands of goods
• There is no transportation cost required to transfer good
• The price of goods is the same everywhere in a perfectly competitive market
• There are a large number of buyers and sellers  present in this market