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A perfectly competitive market has been described as one in which buyers and sellers have no option but to take the price determined by the forces in the market. Whereas prices are determined by the forces in a perfectly competitive market, a monopolist firm can maximise its revenue by doing one of two things – choose price or quantity.
Required: i) Explain THREE (3) characteristics of a perfectly competitive market. (3 marks) ii) Explain the statement in bold. (3 marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
A perfectly competitive market has been described as one in which buyers and sellers have no option but to take the price determined by the forces in the market. Whereas prices are determined by the forces in a perfectly competitive market, a monopolist firm can maximise its revenue by doing one of two things – choose price or quantity.
Required: i) Explain THREE (3) characteristics of a perfectly competitive market. (3 marks) ii) Explain the statement in bold. (3 marks)
Find Related Questions by Tags, levels, etc.
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