Perfect competition, Microeconomics

Perfect competition:

Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and exit from the industry.All firms produce homogeneous product and all market participants (buyers and seller) have full knowledge of the situation in the market, especially about the present price and location of the product.

Posted Date: 1/3/2013 1:15:54 AM | Location : United States







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