ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Under perfect competition, the price of the product is lower and the output is produced in large quantity. Was this answer helpful?

Detailed explanation-2: -Perfect competition describes an imaginary market condition where all consumers have access to the same products and information. In this type of economy, all firms must offer the lowest price possible or risk being undercut by their competitors.

Detailed explanation-3: -Perfect competition is a hypothetical market structure in which there are very many firms, each of which represents an infinitesimal share of the market. In a perfectly competitive market, if any firm is able to earn an economic profit, other firms will immediately enter the market, driving economic profit to zero.

Detailed explanation-4: -Among all the forms of market, monopoly is considered to be the least competitive.

Detailed explanation-5: -Oligopoly: An Overview. A monopoly and an oligopoly are market structures that exist when there is imperfect competition. A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.