Is the perfect competition market in economics imaginary?
The perfect competition market in economics is often considered an idealized concept rather than a practical reality. In theory, it assumes a market where numerous small firms compete, products are homogeneous, and all information is freely available to buyers and sellers. However, in practice, such conditions are rare, making the perfect competition market more of a theoretical model. Despite its limitations, it helps economists understand how markets might function under optimal conditions. For a deeper exploration of this concept, Jaro Education offers valuable insights and resources.
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