It means that no enterprise (or economical agent) that participates in the market is able to have an effect, through their practices, in the final price of the products. The price is set by the market. That's because they don't hold a big enough percentage of the market. Thus a perfectly competitive market consists of a group of individuals and firms trading many goods and services
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
poultry market rice market
Yes
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.
poultry market rice market
Yes
An increase in demand in a perfectly competitive market will lead to an increase in revenue for the business. The more they sell the more they will make.
no
A perfectly competitive market has many competitors. There is no one competitor that has more say in product prices within the industry.
no influence over determining price
no influence over determining price
No. There is no perfectly competitive market in real life.