Question

What are the four conditions of perfect competition

Answer 1

Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product.

Step-by-step explanation:

Answer 2

many buyers and sellers, identical products, informed buyers and sellers, and free market entry and exit.