Economics notes class 12- Price Determination Under Perfect Competition

Economics class 12 - Price Determination Under Perfect Competition

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Economics notes class 12: Perfect competition market refers to a market situation where a large number of buyers and sellers are dealing in a homogeneous product.

Also, there are no legal, social or technological barriers on the entry and exit of any firm. It means that any firm is free to enter the market when finds it profitable and can leave it when wishes to do so.

Under the perfect competition market, the industry is the price maker and the firm is the price taker. It means that the price of the goods and the services are determined by the industry and they are accepted by the individual firms.

A FIRM is a producing unit which produces goods and services with the motive of earning profit through its sale.

An INDUSTRY is an aggregate of all the firms producing the same commodity. Alternatively, all the firms producing and selling the same product are collectively known as an industry.

Full article read here ..... Price Determination Under Perfect Competition

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