When Is a Market Highly Competitive? Get to Know from Our Experts
Are you finding it difficult to grasp when is a market highly competitive? Homework help service is here to aid you in your quest. Don’t worry; you are not the only one. Economics is a hard subject to master and most students find it difficult to understand and implement. Economics rules a lot of aspects that govern how the finance is managed throughout the world. Competition is a key aspect and basis of economics. It is imperative to understand the concept of competition in economic markets to have good understanding of the subject.
What is competition?
Competition is a vast topic and requires careful understanding. Do you want to know in details when is a market highly competitive? Assignment help services provided by myhomeworkhelp.com can deal with your all the required details.
The basics of competition in economic terms are the rivalry between sellers or buyers to acquire certain goods or services. Sellers compete with sellers while buyers compete with buyers. Sellers compete among themselves to gain buyers by cutting down their selling price of goods or services. If the selling price remains above the cost price then the seller makes profit.
Similarly buyers compete among themselves to acquire limited goods or services. They can raise the money they are willing to spend in order to attract sellers. The whole demand and supply chain determines the cost of goods and services. Thus it needs careful analysis to judge how competitive a market is. Are you stuck with your assignment in determining when is a market highly competitive? Assignment help services can help you in getting your assignment done on time.
Forms of competition
- Perfect competition:
There are many sellers in a particular product and no seller is big enough to affect the price of the product then the competition is said to be perfect. But it is only a theoretical concept as in reality perfect competition is hard to achieve. Existing sellers or large scale sellers always enjoy an upper hand compared to new sellers.
When there is only one seller of a particular product, then the seller holds the sole power of controlling the price of the product. This economic market situation is known as monopoly.
There are many other factors which affect the competition state in an economic market. Do you want to know more about how to determine when is a market highly competitive? Homework help services can help you with it.
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