Maharashtra State BoardHSC Arts 12th Board Exam
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Define Or Explain the Following Concepts: Pure Competition - Economics

Define or explain the following concepts:

Pure competition

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Solution

The concept of a pure competition market was initially suggested by Professor Chamberlin. He listed four conditions necessary for a pure competition market structure:
1.  A large number of buyers and sellers,
2. Homogeneous product
3. Free entry and exit for firms
4. Independent decision making

Concept: Meaning and Features of Market
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