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Perfect competition refers to a market structure in which there are a very large number of buyers and sellers dealing in a homogeneous product, and no individual buyer or seller has sufficient power to influence the market price. The price is determined by the forces of market demand and market supply. Each firm accepts this market-determined price and is therefore called a price taker. Perfect competition represents an ideal form of market structure and is mainly used as a benchmark for analysing the working of markets. The main characteristics of perfect competition are as follows: 1. Large Number of Buyers and Sellers: There are a very large number of buyers and sellers in the market. Each seller supplies only a small proportion of the total market output. Similarly, each buyer purchases only a small proportion of total output. Therefore, no individual buyer or seller can influence the ____ _________ ___ _____ ________ _____ ____ ___ ______ ________ ______.
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