What are the characteristics of perfect competition?
Homogeneous goods, Firms are price takers, An infinite number of suppliers and producers, Firms are profit maximisers, There are no barriers to entry, Producers have perfect information
IA
Related Economics A Level answers
All answers ▸Must I take Economics for my GCSES before A-levels? If not, will the catching up be difficult?
Explain fiscal policy and how it can be used
Why can firms in a perfectly competitive market only achieve normal profits in the long run?
Why do we study microeconomics?