Economics notes for class 12 - Features of Perfect Competition Market In this article, we have taken “Features of Perfect Competition Market” from Class 12th Economics . These Economic notes are short, crisp, and easy to understand for students. HOMOGENEOUS PRODUCT The product being sold in a perfect competition market is homogeneous in nature. This means that the commodities are identical in terms of color, size, shape, quality, size, weight etc. Hence, no seller can charge a different price for its products in the market. This is because the consumer is indifferent to all the sellers in the market. If any seller charges a different price from its customers, he may end up losing them. IMPLICATION of this feature is that all the firms have to charge the same price for the product otherwise no one will buy from an overcharging firm. FREE ENTRY AND EXIT OF THE FIRM Buyers and sellers are free to enter or quit the market as and when needed. New firms which are induc
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