137k views
4 votes
Describe the five conditions necessary for PURE competition to exist

1 Answer

2 votes

Answer:5 Requirements of Perfect Competition

All firms sell an identical product.

All firms are price-takers.

All firms have a relatively small market share.

Buyers know the nature of the product being sold and the prices charged by each firm.

The industry is characterized by freedom of entry and exit.

Step-by-step explanation:

User Dakov
by
8.1k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.