ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Perfect competition is a type of market where there are large number of buyers and sellers due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market.

Detailed explanation-2: -A competitive market is a term in economics that refers to a marketplace where there are a large amount of buyers and sellers and no single buyer or seller can affect the market. Competitive markets have no barriers to entry, lots of a buyers and sellers and homogeneous products.

Detailed explanation-3: -There are a large number of buyers and sellers in a perfectly competitive market. The sellers are small firms, instead of large corporations capable of controlling prices through supply adjustments.

Detailed explanation-4: -Perfect Competition : The number of buyers and sellers in the market is very large. These buyers and sellers compete among themselves. Due to the large number, no buyer or seller influences the demand or supply in the market.

Detailed explanation-5: -A competitive market is a structure where many producers or businesses compete with one another to provide the goods and services that consumers want or need. This means that no single consumer or producer has the power to dictate the market.