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Market — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
Explain : Show the difference between prefect competition and pure competition.
✓

Answer

  • The concept of pure competition is included in the perfect competition.
  • Although there are following differences.
  • For pure competition, three conditions must be fulfilled.
  • There should be a large number of buyers and sellers.
  • All the commodities sold in the market are homogeneous.
  • Free entry - exit of firms in an industry.
  • While in perfect competition, besides the above mentioned conditions other conditions are also to be fulfilled like
  • Perfect information of the market.
  • The factors of production completely dynamic and mobile.
  • Zero transportation cost.
  • The concept of pure competition is more realistic than that of perfect competition.

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