Perfect Competition Homework Solutions: Definition, Features, and Alternative Forms of Markets
Economics students need to know about the various forms of Market. The knowledge of the various forms of the market is something fundamental and indispensable, and one cannot hope to get ahead in their field of studies without knowing the basics. Students are introduced to the topic early, usually in high school.
While the concepts can be fun and easy to learn, it can also be confusing. Homeworks, on top of that, can be a bit of a burden for students who have to multitask all the time to keep their grades high. With Perfect Competition homework solutions here, we hope to provide students with the answers they are seeking. If this proves insufficient to you, you can always avail of our detailed Perfect Competition Homework solutions available at myhomeworkhelp.com.
About Perfect Competition Market
To go by definition, Perfect Competition Market is a market with a huge number of buyers and sellers. This form market exclusively sells homogenous products, all sellers charging the same price for the product. The sellers here earn enough to continue to stay in the industry, but nothing exceptionally high (like a monopoly market).
Perfect Competition Market is also known by the name ‘pure competition’. It is assumed that in such a market there is no competition between the sellers. An example of a perfect competition could be an agricultural market where numerous sellers sell the same vegetables at more or less same prices.
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Can perfect Competition exist in real life?
Perfect competition market is more of a theoretical concept than a real one. While the agricultural market could be extended as a somewhat working example, it wouldn’t hold good under scrutiny. Even when 10 sellers are selling the same potatoes, one of them might endorse the potatoes as organic ones grown without any chemical fertilizers. That’s product differentiation.
Minor differentiation in products and differences in prices can always occur and so the principle of “same product at the same price is challenged”. And therefore, the Perfect Competition Market can only exist hypothetically.
With our Perfect Competition assignment Solutions, students find it easier to understand these complicated nuances. To make sure you don’t step into pitfalls, have a conversation with our professional economics teachers and clarify your doubts.
Features of a Perfect Competition Market:
Every Form of Market has its own specific features. It is these features that differentiate one form from another, while also determining the mechanism of each. It is imperative to know the features of every market if one is to understand the subject.
- Free Entry and Exit:
This is the first feature of a Perfect Competition. There is no restriction on the entry of new sellers into the market, neither is there any limit on their exit. This feature differentiates a Perfect Competition from a Monopoly that strictly prohibits entry of new sellers or Oligopoly that resists and regulates such entry.
- Large Number of sellers and buyers:
This form of Market has a large number of buyers and sellers, unlike a monopoly that has a single seller.
- Homogenous products:
All products sold in the market by different sellers are supposed to be identical.
- No Transportation Cost:
It is assumed that there is no cost involved in the transportation of the manufactured products from the point of manufacturing to the market where they are sold. This is another theoretical feature since this cannot hold true in real life scenario.
- Perfect knowledge:
The buyers and sellers are supposed to have a perfect knowledge of all the goods being sold and their prices.
- No artificial restrictions:
In Perfect Competition market, Government or any other authority imposes no restrictions. Buyers and Sellers can trade freely.
To know about the features of other forms of market, or for any query regarding the perfect competition, students can access our Perfect Competition assignment Solutions anytime of the day!
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