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7 most essential features of a perfectly competitive market

7 most essential features of a perfectly competitive market. Market is generally understood to means particular place of locality where goods are bought and sold. However in any particular place or locality does not mean market where goods are bought and sold.

By |2011-06-17T14:16:44+00:00June 17, 2011|Economics|Comments Off on 7 most essential features of a perfectly competitive market

What are the characteristics of a perfectly competitive market?

A perfectly competitive market has the following characteristics. (i) The market consists of buyers and sellers who are price takers. (ii) Each firm in the market produces undifferentiated and homogenous products. (iii) Buyers and sellers have perfect information about the price prevailing in the mark! About the availability of commodities at any given point of time.

By |2011-04-11T07:16:48+00:00April 11, 2011|Economics|Comments Off on What are the characteristics of a perfectly competitive market?
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