perfect competition in hindi

above video is based on the concept of perfect competition, it also elaborates the type of market - 1- perfect competition
2- imperfect competition
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Market -
In economics market refers to the region where buyers and sellers are connected with each other to affect the demand and supply of the commodity.

Types of market -
1) Perfect competition
2) Imperfect competition - ( Monopsony , Monopoly etc,.)

Perfect competition -
A market competition where there are large number of buyers & sellers dealing in the homogeneous product at a price fixed by market.

Characteristics -
1- There are large numbers of buyers and sellers of particular product in market. No buyer and seller can change the prevailing price.

2- Each firms operating in a market is a price acceptor & not price decider. The price of the commodity is decided on the basis of the total demand and the supply in the market.

3- All the products manufactured by different firms are homogeneous in nature. It means that the products are identical in terms of their shape,size,quality,color,packaging etc,.& therefore no consumer can differentiate the product of different firms.

4- There is a possibility of free entry and free exit of firms in the market. hence each firms will get normal profit in a long run period.

5- Both the buyers and sellers have perfect knowledge about the market .
a) Firm -- * competitor of firms.
*production technique used by competitor.
marketing strategy used by competitor.
pricing of product.
b) Buyer ---* manufacturer name.
*availability of substitute product.
actual price of product by manufacturer firms.

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