What do you mean by the term Competition ?
Competition is a dissociate process of Social interaction. It is the most fundamental form of social struggle. It is based on non-cooperation. It is a natural result of the universal struggle for existence.
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10 essential Features of Perfect Competition
A perfect market is one where there is perfect competition. This is a model market. It implies absence of rivalry. According to Boulding, “the competitive market may be defend as a large number of buyers and sellers all engaged in the purchase and sale of identically similar commodity, who are in close contact with one another and who buy and sell freely among themselves”.
Main market forms and equilibrium price under perfect competition
Market is the characteristic phenomenon of economic life. Price is a powerful regulator. Market in Economics refers to a group of buyers and sellers in sufficiently close contact with one another that exchange takes place among them. Market refers to a commodity.
Determination of equilibrium price under perfect competition
Price determination is the main problem and a must in economic theory. It is because every activity measured in terms of money (price) is called economic activity. Similarly, a commodity the value of which can be measured in terms of money (value in exchange) is called economic good.
Complete information on the functions and characteristics of Competition in relation to social life
Certain processes play divisive or disintegrate roles in the social life of individuals or groups. These are called dissociative processes. Conflict, competition and mutual opposition are called as dissociative processes.
Why are the main causes for the occurrence of competitions in the Ecosystem?
We are all familiar with the process of competition as we ourselves face it in various ways in our day-to-day life. Competition occurs in nature generally, but not necessarily, when resources like food, space, mates are limited.
What are the important Merits and Demerits of Monopolistic Competition?
An important merit of monopolistic competition is that it is much closer to reality than several other models of market structure. Firstly, it incorporates the facts of product differentiation and selling costs. Secondly, it can be easily used for the analysis of duopoly and oligopoly.