Chercterstics of Perfect Competition

Larg number of Byer and Seller =

 the first condition of perfect competition। is that there are number of buyers and sellers. No single seller or buyer is capable to influence the market price.

Homogeneous product =

 It implies that product of all firm s under perfect competition are identical in all respects. 
It means each seller in perfect competition sells identical products.

Freedom of existing form

There is complete freedom to the existing firm to leave the industry and to new firm to join the industry.

Limited Share in the market

Due to the presence of large number of buyers and sellers in the market, individual buyer in the market, individual buyer or seller has a negligible share in the market. As a seller individual buyer or seller cannot influence the market condition.

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