Perfect competition is no competition. How? – InterviewSolution

InterviewSolution

1.	Perfect competition is no competition. How?
Answer» Pure or PERFECT competition is a theoretical market STRUCTURE in which the FOLLOWING criteria are met: All FIRMS sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their product). Market SHARE has no influence on prices.

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