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Eco Economics

EconomicsNEB 2075 (old course)

Write any four features of perfect competitive market. [2]

2

Answer

· Based on the official syllabus and past papers
Updated

  • Large Number of Buyers and Sellers: In a perfect competitive market, there are a large number of buyers and sellers. Each buyer and seller is so small that they cannot influence the market price individually. This ensures that the market price is determined by the forces of demand and supply.

  • Homogeneous Product: The products sold by different firms in a perfect competitive market are identical or homogeneous. This means that buyers do not prefer one product over another based on brand or quality differences.

  • Free Entry and Exit: There are no barriers to entry or exit in a perfect competitive market. Firms can enter or leave the market freely, which ensures that resources are allocated efficiently.

  • Perfect Knowledge: Both buyers and sellers have perfect knowledge about the market conditions, prices, and product quality. This ensures that there is no scope for manipulation or exploitation in the market.

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