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Sagot :
Students in a college town have a choice between two wireless internet service providers. Both firms have wired every student residence, and their internet services are equally quick and dependable. This serves as an illustration of a competitive market.
What does "competitive market" mean?
When competition is at its highest level imaginable, a market is said to be competitive. It is also known as a perfectly competitive market and has many consumers, uniform products, unrestricted entry and departure, etc. Perfect competition, monopolistic competition, oligopoly, and monopoly are the four subtypes of economic market arrangements.
A market that is competitive in business is one where many producers compete with one another to meet the demands of many consumers. In a market where there is competition, neither a single producer nor a group of producers nor a single consumer nor a group of consumers can control how the market functions. The closest thing to ideal competition in the real world is probably the typical farmers' market.
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