Perfect and Monopoly Markets and their difference
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CHARACTERISTICS OF PERFECT COMPETITION
1.Firms are small and plenty in number: - In perfect competition there are a large number of firms in the market. Each of them is very small as compared to the whole industry. Individually, none of them is even near to fulfilling the demand of the whole industry.
2.Homogenous products: - All firms produce/provide identical products/services. Thus it makes no difference to the buyer which seller's product he buys.
3.Perfect information: - All sellers and buyers know the prices at which all the transactions take place and what the possible alternativ…
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- Perfect and Monopoly Markets and their difference
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