Perfect competition is defined as a market structure in which a large number of firms all produce the same product. In this scenario, no single firm has significant market power, and all firms are price takers. Characteristics of perfect competition include homogeneous products, a large number of buyers and sellers, free entry and exit from the market, and perfect information available to all market participants.
What is perfect competition?
two or more companies that are more or less equal competitively
a market structure in which a large number of firms all produce the same product
any factor that makes a new firm enter a market
a market structure in which a single firm produces all of a certain product
1 answer
1 answer