Time remaining:
insurance basic problem

Business & Finance
Tutor: None Selected Time limit: 0 Hours

Pure competition is a market structure:

Jan 29th, 2015

A market structure in which the following five criteria are met:1) All firms sell an identical product;2) All firms are price takers - they cannot control the market price of their product;3) All firms have a relatively small market share;4) Buyers have complete information about the product being sold and the prices charged by each firm; and5) The industry is characterized by freedom of entry and exit.Perfect competition is sometimes referred to as "pure competition"

Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other, real-life market structures are compared. The industry that most closely resembles perfect competition in real life is agriculture.
Jan 29th, 2015

Are you studying on the go? Check out our FREE app and post questions on the fly!
Download on the
App Store
...
Jan 29th, 2015
...
Jan 29th, 2015
Dec 10th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer