3 years ago

What is an example of perfect competition explained? Can someone please respond I am super confused:/

2 answers:

8 0

Answer:

Perfect competition is a market structure where many firms offer a homogeneous product. Because there is freedom of entry and exit and perfect information, firms will make normal profits and prices will be kept low by competitive pressures.

Ex; Agricultural markets are examples of nearly perfect competition

elena-14-01-66 [18.8K]3 years ago

7 0

Answer:

Perfect competition is a market structure where many firms offer the same product. An example of perfect competition is the Agricultural market. There are several farmers selling the same products to the market, and many buyers. At the market, it is simple to compare prices of products. Ergo, agricultural markets often get close to perfect competition.

Explanation:

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