Key Results
1. Perfect competition is an ideal type of market structure where all producers and consumers have complete and proper information and there are no transaction costs.
2. In this type of environment a large number of producers and consumers are competing among themselves.
3. Unlike a monopolistic market, a competitive market is purely theoretical.
4. Every real market can be classified as imperfect because these markets exist outside the level of the perfect competition model.
5. When a market violates any pure or new competitive principles, then that market competition is imperfect.
Perfect Competition : Functions, Features and Examples
In all competitive exams, the general studies section is a nightmare for all aspirants. Economics is one of the sub-topic of general studies. Here we will discuss “Various forms of markets – Perfect Competition”. This article will surely help one to understand the concept and give one an edge over other aspirants.