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

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the other name is perfect market..

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