Perfect competition

Name: Perfect competition
Brand: Quizplus
Rating: 4.7 (63 reviews)

Question

Perfect competition

Quizplus · Accepted Answer

Perfect competition ensures that firms will produce at the lowest possible cost and leads to the efficient organization of production. In a perfectly competitive market, there are many buyers and sellers, no barriers to entry or exit, uniform products, and perfect information. This creates a level playing field that allows firms to compete solely based on cost and efficiency, ultimately leading to lower prices and higher efficiency in production.

Perfect Competition