OMTEX CLASSES: Pure Competition

Pure Competition

It is a market situation where there are large number of buyers and sellers, trading in homogeneous products at a single uniform price. But pure competition is only a part of perfect competition as it fulfils onlycertain conditions of perfect competition.

Conditions of pure competition are : -
a)      Large number of buyers and Sellers
b)      Homogeneous product
c)      Uniform price

d)     Free entry and Exist