no influence over determining price
a. It ensures a competitive market and allows for individual differences among consumers.
so no individual can control the price
So no individual can control the price.
There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.
By Market Force
no influence over determining price
a. It ensures a competitive market and allows for individual differences among consumers.
so no individual can control the price
a. It ensures a competitive market and allows for individual differences among consumers.
a. It ensures a competitive market and allows for individual differences among consumers.
So no individual can control the price.
There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.
By Market Force
no
Perfectly competitive firms would not advertise as advertising would serve no purpose. A market that is perfectly competitive exists only in theory.
One reason that individual producers in a perfectly competitive market have no influence over prices is because they produce a small amount of a product in comparison to the total supply of the product. Perfect competition is sometimes referred to as pure competition.
characteristics of perfectly competitive market includes 1.Homogeneous products i.e identical in shape,size,taste,color,e.t.c 2.perfect knowledge to both consumers and producers 3.no transport costs incurred 4.perfect mobility of factors of production 5.common prices for identical goods in the market. 6.