What r the characteristics & features of Perfect Competition ?

 In this competition,

  1. firms are the price taker.
  2. more quantity can be sold at same price.
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Features of Perfect Competition : 
* Large no. of buyers and sellers exist in the market
* Perfect knowledge among buyers about market conditions.
* A firm under Perfect Competition is a price taker.
*A uniform price prevails in the market irrespective of the quantity sold.
* Free Entry and exit of firms (Implication = Elimination of super normal profits/losses)
* Homogenous products are sold. 
* No extra selling or transportation cost involved.

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Thank you Aishwarya
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