ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition.

Detailed explanation-2: -Yes. Perfect competition is the same as pure competition. Either term describes a model market with numerous buyers and sellers of identical products. Those two characteristics mean that no individual firm has any control over the prices they can charge.

Detailed explanation-3: -Also referred to as Perfect Competition and Atomistic Competition.

Detailed explanation-4: -Perfect competition is a type of marketplace where multiple companies are selling the same product or service, and a large number of consumers are looking to purchase it. None of these companies have the power to set a price for that product or service without losing business to other competitors.

Detailed explanation-5: -In the perfect or pure competition market, there are a large number of firms each producing the same product (as called a standardized or homogeneous product). Since the number of firms is very large, no one firm can influence the market price, thus each firm has no market power and each is a price taker.