Textbook ExpertVerified Tutor
1 Dec 2021
Introduction
Perfectly competitive market is the market where there are large number of buyers and sellers. All the firms produce homogeneous products. There is free entry and exit in addition to the perfect mobility of all the resources. Firms have no control over the price of the product. The price remains the same and it is shown as the horizontal axis.
Unlock all Textbook Solutions
Already have an account? Log in