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प्रश्न
Point out the essential features of pure competition.
State essential requisites of pure competition.
दीर्घउत्तर
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उत्तर
- Large Number of Buyers and Sellers: No individual buyer or seller can influence the price. Each participant contributes a very small share to total demand or supply.
- Homogeneous Product: All firms sell identical products that are perfect substitutes for one another, so no brand has an advantage.
- Free Entry and Exit: Firms can freely enter or leave the market. This ensures that profits are normal in the long run because new firms enter when profits rise and exit when losses occur.
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