Markekt Structures - Perfect Competition

Question 1

What is perfect competition

Answer 1

Perfect competition is a market structure which 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.

Question 2

What is it influence by

Answer 2

It is a market that is entirely influenced by market forces.

Question 3

What is the firm in market competition

Answer 3

The firm in perfect competion is
a price taker.