Perfect Competition and Monopolistic Industries
There are certain characteristics that are prevalent in industries with perfect competition. There is perfect knowledge of information amongst the consumers, there are many buyers and many sellers and a high variety of goods available to the consumers. The prices of the products are therefore affordable. The food retailing industry operates in perfect competition. There are no barriers to entry for the sellers because the businesses are usually operated using a franchising system. Traders can open stores once they fulfil all the legal and financial requirements. There requirements are manageable. There are restaurant businesses that are set all over the ...
