Characteristics/Features of competitive market
- Large numbers of buyers and sellers in the market.
- Identical/homogenous products sold by all firms,
- the freedom of entry into and exit out of the industry or perfect resource mobility
- Perfect knowledge of prices and technology.
- No price control.
- Perfect mobility of factors of production, the factors of production are completely mobile leading to factor-price equalization throughout the market.
- Cheap and Efficient Transport and Communication
- the consumer has plenty of choice when buying goods or services
CATEGORIES Economics
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