1. large number of buyers and sellers.
2. homogeneous product.
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
A flea market can be considered an example of perfect competition to some extent, as it features many sellers offering similar, but not identical, goods, allowing for consumer choice. However, it does not fully meet the criteria for perfect competition, such as homogenous products and perfect information, since the quality and variety of items can vary significantly. Additionally, sellers may have varying degrees of market power based on their uniqueness or popularity, which further deviates from the ideal of perfect competition.
Perfect competition to what. Please be specific.
No, Perfect Competition is just an imaginary one and it does not exist at all.
Perfect Competition
in 1971 Bangladesh achieved freedom.
IBM is a company, so it can't be a perfect competition. Only industries can be a perfect competition, or not.
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
Perfect competition to what. Please be specific.
No, Perfect Competition is just an imaginary one and it does not exist at all.
Perfect Competition
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
Perfect competion lowers the cost of good and services by increasing the competition among firms.
perfect competition
they maximize profit
Imperfect competition differs from perfect competition in several ways. In imperfect competition, there are fewer sellers, products may be differentiated, and firms have some control over prices. In contrast, perfect competition has many sellers offering identical products, with no control over prices.
The market concentration ratio for perfect competition is Low (Less than 40%).