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A competitive market is one that has multiple buyers and sellers. This means there is no single vendor or consumer who has absolute control over the price in the market. In such a market, businesses openly compete for market share.
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.
Generate a debate about competitive market? How in your opinion a Competitive market can be evolved?
By Market Force
There are multiple characteristics which correspond to an ideally competitive market. These are a rule of law and contracts enforcement, competition through multiple merchants, market integrity against anti-competitive behaviors, and consumer confidence.
A competitive market is one that has multiple buyers and sellers. This means there is no single vendor or consumer who has absolute control over the price in the market. In such a market, businesses openly compete for market share.
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.
the correct answer is it helps educate consumers about competitive products.
Generate a debate about competitive market? How in your opinion a Competitive market can be evolved?
By Market Force
what is the incidence of corporate tax in an imperfectly competitive market graphically and mathematically?
There are multiple characteristics which correspond to an ideally competitive market. These are a rule of law and contracts enforcement, competition through multiple merchants, market integrity against anti-competitive behaviors, and consumer confidence.
poultry market rice market
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efficiency
A perfectly competitive market has many competitors. There is no one competitor that has more say in product prices within the industry.
In Monopoly, there is no market power as the monopoly firm is the only supplier and holds pricing power. However in a perfect competitive market, prices are set by interaction of supply and demand. This is why monopoly markets are undesirable relative to perfect competitive market.