Perfectly Competitive Markets

1 year ago
Microeconomics

Price taker – Firm that has no influence over market price and thus takes the price as given.

Product homogeneity – Products in a market are perfectly substitutable with one another.

Free entry (or exit) – Condition under which there are no special costs that make it difficult for a firm to enter (or exit) an industry.

Bijay Satyal
Dec 1, 2021
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