State Any Two Properties of the Perfectly Competitive Market

question 29

Essay

State any two properties of the perfectly competitive market.

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Definitions:

Mass Quantities

Large volumes or amounts of products or materials, often used in the context of production or consumption.

Organizational Productivity

A measure of how efficiently and effectively a company or organization utilizes its resources to achieve its objectives, often evaluated through output, efficiency, and performance indicators.

Labor Practices

Refers to the standards, methods, and conditions under which work is performed and workers are treated within organizations or industries.

Consensus-Making

The process of making decisions that are agreed upon by all members of a group.