Define Pure Competition

What do you mean by the term Pure Competition in brief?

E

Expert

Verified

In pure competition the number of sellers and buyers is much large. There is a perfect competition among them. The price is recognized for the whole industry by the forces of supply and demand. All firms encompass to sell their product at that price. No firm can persuade price by a single action. Therefore each and every firm is a price taker and a quality adjuster.

   Related Questions in Other Management

©TutorsGlobe All rights reserved 2022-2023.