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ECON: MICRO4 (New, Engaging Titles...

4th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781285423548

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ECON: MICRO4 (New, Engaging Titles...

4th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781285423548
Chapter 8, Problem 1.2PA
Textbook Problem
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(Perfect Competition Characteristics) Describe the characteristics of perfect competition.

To determine

The features of perfect competition.

Introduction:

Perfect competition: It is a form of the market structure in which there are large number of buyers and sellers which sells homogenous product at uniform price which is determined by the industry.

Explanation of Solution

The characteristics of perfect competition are as follows:

(a) Large numbers of buyers and sellers: The numbers of buyers and sellers of a commodity is very large and no seller or buyer can influence the price.

(b) Homogenous product: All sellers sell identical products at a uniform price level.

(c) Perfect knowledge: Buyers and sellers have full knowledge regarding the prevailing market price and quality of product...

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