List and describe the characteristics of a perfectly competitive market.

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03-04-2022
Mathematics

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List and describe the characteristics of a perfectly competitive market.

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tamariwiklauri1234 tamariwiklauri1234 · Answer 1 · 2022-04-03T18:21:20-04:00

tamariwiklauri1234 tamariwiklauri1234

03-04-2022

The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.

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