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Economics

What is the main feature of a perfect competitive market.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter9: Competition And Monopolies

Section9.1: Perfect Competition

Problem 4R

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What is the main feature of a perfect competitive market. Explain in long sentences.

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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