What are the 5 characteristics of perfect competition? (2024)

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Assumptions about Perfectly Competitive Markets

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Solution

Following are the characteristics of perfect competition:

  1. Large numbers of buyers and sellers in the market.
  2. Free entry and exit of firms in the market
  3. Each firm should be selling a hom*ogeneous product
  4. Buyers and sellers should possess complete knowledge of the market
  5. No price control
  6. Perfect competition among buyers and sellers

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