Perfect competition is the situation in a market (based on six assumptions), (1) where the elements of a monopoly are non-existent, (2) consisting of numerous buyers and sellers, (3) the market price of commodities are beyond the control of individual sellers and buyers, (4) perfectly com...
Perfect competitionis a market situation where large number of buyers and sellers operate freely and commodity sells at a uniform price. In such a situation no seller or buyer has any influence on the market price. In aperfectly competitive market, a firm is the price taker and industry is t...
Monopolistic competition is a situation in which elements of both perfect competition and monopoly are blended together". Explain the statement. Explain why monopolies are economically inefficient. (a) Explain how firms in oligopoly conditions can sometimes jointly attain monopoly pro...
Perfect competition is a benchmark or ideal type to which real-life market structures can be compared. Pure competition istheoretically the oppositeof amonopolyin which only a single firm supplies a good or service. That firm can charge whatever price it wants because consumers have no alternative...
Perfect competition is the situation in the market where many firms are producing and selling identical goods. It has perfect information and...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough homework ...
price and output in an industry are determined and why firms enter and leave the industry Predict the effects of a change in demand and of a technological advance Explain why perfect competition is efficient The Busy Bee The busy bee pollinates plants and beekeepers rent their hives to farmers...
perfect competitionn (Economics) economics a market situation in which there exists a homogeneous product, freedom of entry, and a large number of buyers and sellers none of whom individually can affect priceCollins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins...
A single price prevails in the market. And perfect competition exists at four situations,when many firms sell an identical product to many buyers;there are no barriers to entry into or exit from the market;the third situation is that established firms have no advantage over new firms;and the...
Description: Ideally, perfect competition isa hypothetical situation which cannot possibly exist in a market. However, perfect competition is used as a base to compare with other forms of market structure. No industry exhibits perfect competition in India. ...
A situation in which theprofitandlossfrom theunderlying assetand thehedgepositionare equal. Copyright © 2012,Campbell R. Harvey. All Rights Reserved. Perfect Hedge Ahedgeon aninvestmentthat eliminates theriskon another investment entirely. Perfect hedges are fairly rare as most investments carry at...