Question

what do you understand by perfect competition market? Explain the features of perfect competition. with diagram.​

Answer 1

Answer:

perfect competition market is where are large number of buyers and sellers each of them selling homogenous product .It is myth doesnt exist in reality

features

1.large number of buyers

2.large number of sellers

3.homogenous product

4.free entry and exit

5.no transportation costs

6.availability of raw materials

7.existence of perfect knowledge