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Features - not based on actual market conditions Such a...

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Features: Traditionally perfect competition is considered as an ideal form of market. For classical writers, perfect and pure competition is a golden rule. Only under exceptional conditions, this rule may not be satisfied. In that case monopolistic elements may be present in the market. As it is understood today, the Classical Competitive Model is hypothetical in nature; it is
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Unformatted text preview: not based on actual market conditions. Such a competitive market is supposed to provide maximum justice to a maximum number of buyers and sellers. Competition is said to be Pure and Perfect when six basic characteristics are satisfied (three characteristics each associated with Pure and Perfect competition)....
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