Answer to Question #276561 in Marketing for beyonce

Question

identify and explain any five 5 characteristics of a perfectly competitive market structure

Answer 1

1.     Many Competing Firms- numerous companies produce indistinguishable products.

2.     Similar Products Sold- countless buyers are accessible to buy the product, and numerous sellers are available to sell the product.

3.     Equal Market Share- several sellers are available to sell the product.

4.     Buyers have full information- buyers and sellers have all relevant data to make lucid decisions about the product being bought and sold.

5.     Ease of Entry and Exit- companies can enter and leave the market minus any limitations.