Perfect Competition is an industry in which there is only one supplier of a product that has no close substitutes.

Name: Perfect Competition is an industry in which there is only one supplier of a product that has no close substitutes.
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

Perfect competition is a market structure where there are multiple suppliers of a product and no supplier has control over the price. In fact, there are many close substitutes for the product in a perfectly competitive market.

Perfect Competition Is an Industry in Which There Is Only