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insurance basic problem

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Pure competition is a market structure:

Oct 22nd, 2017

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

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