Economics · Market Structures
'Perfect competition prevails when the demand for the output of each producer is perfectly elastic. This entails first, the number of sellers is large so that the output of any one seller is a negligibly small fraction of the total output of the commodity, and second, that buyers are all alike in respect of their choice between rival sellers, so that the market is perfect.' Who gave this definition?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Paul Samuelson
- 2Alfred Marshall
- 3Mrs. Joan Robinson✓
- 4Prof. Ferguson
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Mrs. Joan Robinson
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