Practicing Success
Practicing Success
CUET Preparation Today
| Two students in a class were discussing perfectly competitive markets. One student said-"All the buyers and the sellers are completely informed about the price, quality and other relevant details about the product and the market." Which feature of perfect competition did she talk about? |
Large number of buyers and sellers Free entry and exit Perfect information Homogeneous product |
| Perfect information |
| Perfect information implies that all buyers and all sellers are completely informed about the price, quality and other relevant details about the product, as well as the market |
