GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -A Large and Homogeneous Market 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. They sell products with minimal differences in capabilities, features, and pricing.

Detailed explanation-3: -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-4: -Contrary to a monopolistic market, a perfectly competitive market has many buyers and sellers, and consumers can choose where they buy their goods and services.

Detailed explanation-5: -Monopolistic competition, also called competitive market, where there is a large number of firms, each having a small proportion of the market share and slightly differentiated products. Oligopoly, in which a market is by a small number of firms that together control the majority of the market share.