Which of the following is likely to be present in a perfectly competitive market? a. High capital costs b. Nonprice competition such as advertising c. Firms producing identical products d. Government licenses e. Patents
A perfect comparative market is characterized by the many buyers and sellers and undifferentiated products and no transaction costs and is also called as the atomistic market.
It is defined by as the annealing condition and can be theoretically shown by the market that will reach an equilibrium in which the quantity supplied for everyday services.
A large number of buyers and sellers, No barriers to entry or exit and an Anti-competitive regulation.
