Perfect competition is the simplest market structure, where the market is assumed to be in equilibrium and that all sellers sell the same product at the same price. The four conditions for perfect competition are:
1. There are many buyers and sellers in the market so that no one individual or seller can influence the price of the products, goods, and services.
2. Identical products are offered by the sellers
3. Both the buyers and the sellers are well-informed about the products and want to maximize profit.
4. Entry and exit to and from the market can be done freely by the sellers and buyers.
There is no market which displays 100% perfect competition. However, markets exhibiting nearly perfect competition do exist. These include street food vending and agricultural markets.
Answer:
6530 USD for FY 2020
Explanation:
The per capita GDP of CUBA as per the World bank is as follows –
For year 2012 – 6051.69 USD
For year 2014 – 6255.43 USD
For Year 2016 – 6550.27 USD
For year 2018 – 6816.9 USD
For year 2020 – 6530 USD
Answer:
I would have to say invalid.
Explanation:
There is not enough information to have a fully valid argument.
