Question

What are the three conditions for a market to be perfectly​ competitive? For a market to be perfectly​ competitive, there must be

Answer 1

There are 4 conditions that make a market to be perfectly competitive:

1. There must be a large number of buyers and sellers, and each one must be relatively small.
2. All the sellers produce identical products or services.
3. There are no barriers for entry or exit.
4. All the buyers and sellers are price takers, no one can set the price at their own will.