The market price in perfect competition is not determined by the sellers, but purely rides on the merit of the product. Just as we’ve never seen that line there has never been truly free enterprise. Perfect competition is a theoretical concept like the Euclidean line, which has no width and no depth. Perfect competition, also termed pure competition is an ideal market scenario, where all competitors sell identical products, each having a small share in the market. Perfect competition is a hypothetical concept of a market structure.
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