What are the five characteristics of perfect competition?

Question

asked Jan 19, 2020 45.2k views

1 Answer

Bivo Kasaju · Answer 1 · 2020-01-24T02:59:23+0000

1. Large number of buyers and sellers.

2. Homogeneity of the product.

3. Free entry and exit of firms.

4. Perfect knowledge of the market.

5. Perfect mobility of the factors of production and goods.