perfect competition

Main Characteristics (Causes or Features) of Perfect Competition

Perfect Competition: 8 Main Characteristics / Causes

1. Homogenous (Non Differentiated) Products Produced By Firms 2. Entry and Exit Barriers are Low 3. Customers Have Perfect Information About Products 4. High Competition 5. No Market Power for Individual Firm 6…

Overview, Definition and Features of Perfect Competition

Perfect Competition: Overview, Definition, & Features

Perfect competition occurs when there are many sellers in the market, with very low entry barriers, and products are matched from one seller to another. In a perfect competition market, all companies sell identical products and any company cannot determine prices.