what was the another name of pure competition?
Pure competition market is also known as the Price-Taker market. The term price-taker market is derived from the fact that in a pure competition market each firm is a price taker and has no control over the existing market price. A firm is a price taker if the following four conditions are met.
- There are large number of buyers and sellers in the market
- All the firms produce homogeneous products
- There is free entry and exit for firms in the market
- Independent decision making by the buyers and the sellers