Answer
By definition, in a competitive market, there are a large number of buyers and sellers.
Also, the goods and services sold by different sellers are very similar.
There is a third condition that says that firms have the ability to enter and exit the market whenever they want to.
Work Step by Step
By definition, in a competitive market, there are a large number of buyers and sellers.
Also, the goods and services sold by different sellers are very similar.
There is a third condition that says that firms have the ability to enter and exit the market whenever they want to.
