What is the meaning of perfect competition market?
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Explanation:
According to Robinson ,' perfect competition previls when the demand for the output of each producer is perfectly elastic'.
A close example of a perfectly competitive market could be the local vegetable market, fruit market.
The price of the commodity in perfect competition is determined by the market forces like demand and supply
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The perfect competition market is the market in which a large number of buyers and sellers are present.
What are the features of a perfect competition market?
- In this market, the price of the products are constant everywhere
- There are no restrictions for any industry to enter and exit in this market
- The buyers and sellers have all the information about the quality of the products
- Any product can transfer from one place to another without any charge
- The buyers and sellers have freedom for the bargaining of the products
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