What is the perfect competition market in economics class 12?
A perfect competition market in economics refers to a market structure where numerous firms sell identical products, and no single firm has the power to influence the market price. In this type of market, all firms are price takers, meaning they accept the prevailing market price. The key features include a large number of buyers and sellers, free entry and exit of firms, perfect knowledge of products, and homogeneous goods. Jaro Education explains this concept in-depth, helping students understand how perfect competition drives efficiency in resource allocation.
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