please explain the point independent decision making of pure competition v/s perfect competition ?
Independent decision making implies that both the buyers and sellers are free from any restrictions in framing their buying and selling decisions. The sellers decide the product and the quantity to be produced and sold independent of the other sellers in the same market. Similarly, the buyers are free to decide how much and from whom to purchase. That is, the buyers do not have inclination towards any one particular seller as all the sellers are selling the homogenous product at a uniform price