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PERFECT COMPETITION:
Perfect competition is the most competitive market structure that a firm can face. ...
Fistly, in perfect competition, there are a large number of buyers and sellers. ...
Thirdly, all firms in the industry produce homogenous products, so there is no difference between any two firmsf products or we can assume that the products are perfect substitudes.
Lastly, there is perfect information and perfect mobility. ... We can conclude from this condition that everyone knows the price of a good everywhere in the market and as there is perfect mobility, everyone can actually go and buy the good at the cheapest place.
Approximate Word count = 450
Approximate Pages = 1.8
(250 words per page double spaced)
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