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Following are some of the features of a perfect market.
(A) The number of buyers and sellers assumed to be unlimited. Every buyer and the firm in the individual capacity, will be quite ineffective to the change in price of market due to their abundance. Every firm and the buyer is the negligible part of their total lots.
(B) All the firms produce and bring the same producer to the market to sale. The product difference may be the cause of price difference but if the goods are the same, the price level should also be the same
(C) It is also assumed that both the buyers and the sellers are in possession of perfect knowledge about the market. Obviously mutual exploitation by realizing as paying different price will not be possible.
(D) In this market entry of new firms and exit from the market by old firm is free without any restriction. Open market, through self adjustment forces of demand and supply keep the prices on the same point permanently
(E) The factors of production are assumed to be perfectly mobile from one to the other market. This feature of the perfect market keeps the cost same and thereby the price
(A) The number of buyers and sellers assumed to be unlimited. Every buyer and the firm in the individual capacity, will be quite ineffective to the change in price of market due to their abundance. Every firm and the buyer is the negligible part of their total lots.
(B) All the firms produce and bring the same producer to the market to sale. The product difference may be the cause of price difference but if the goods are the same, the price level should also be the same
(C) It is also assumed that both the buyers and the sellers are in possession of perfect knowledge about the market. Obviously mutual exploitation by realizing as paying different price will not be possible.
(D) In this market entry of new firms and exit from the market by old firm is free without any restriction. Open market, through self adjustment forces of demand and supply keep the prices on the same point permanently
(E) The factors of production are assumed to be perfectly mobile from one to the other market. This feature of the perfect market keeps the cost same and thereby the price
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