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In marketplaces where there is competition, businesses would employ four or five.
Define competitive market.
A perfect market, also known as an atomistic market, is defined by a number of idealizing conditions that are collectively referred to as perfect competition, or atomistic competition, in the field of economics and more specifically general equilibrium theory.
In the field of economics, the word "profit maximizing" refers to the short- or long-term process by which a company selects the prices, input levels, and output levels that will result in the highest possible overall profit.
Profit maximization is the process by which businesses increase their profits by balancing their marginal income and marginal expense. This notion serves as the foundation for many economic theories. It exists in markets with monopolies as well as those with perfect competition.
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