tCompetition is the rivalry that exists between
Characteristic of competitive market:
- a large number of buyers and sellers
- the products sold by each firm are close substitutes t each other
- Low barriers to entry
- each firms have no control over the price
- free flow of information
Characteristic of competitive market:
- a large number of buyers and sellers
- the products sold by each firm are close substitutes t each other
- Low barriers to entry
- each firms have no control over the price
- free flow of information