MANAGEMENT

Detailed explanation-1: -In economic theory, perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers, buyers have perfect or full information, and companies cannot determine prices.

Detailed explanation-2: -Perfect competition in economics signifies a market that is easy for the market players to enter and exit. It is because the products sold are identical, there is no price dispute, and hence, there exists no fear among the participants.

Detailed explanation-3: -Perfect Competition-Buyers and sellers sell identical products (there is no need for advertising).

Detailed explanation-4: -A perfectly competitive market can be characterized as a market where there is an abundance of well-informed buyers and sellers, there is an absence of monopolies, and each firm is a price-taker.

Detailed explanation-5: -In pure competition, all products are similar. Products may all appear to resemble each other in packaging, color and shape without being exactly identical. Since products are alike, buyers may not have product preferences and often will purchase all products equally.