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How much actual competition occurs in perfectly competitive markets? some make the claim that there is actually no competition between firms in a perfectly competitive market

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ogorwyne

The competition in the perfectly competitive market are known to be few in the actual sense.

What is a perfectly competitive market?

This is the type of market that is known to have barriers to entry in the market.

In such a business or a market type there is symmetry and their is perfect information existing for the consumers and the producers.

The following are the characteristics of this type of market

  • Firms that produce identical goods
  • large number of buyers
  • Many sellers of the products
  • The buyers and the sellers have perfect information that would enable them to make decisions.

Read more on perfect competitive market here: https://brainly.com/question/1748396

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