The market is perfectly competitive when firms are interdependent.
What is competitive market?
- A competitive market is an economic term that refers to a marketplace with a large number of buyers and sellers where no single buyer or seller can influence the market. Competitive markets have no entry barriers, a large number of buyers and sellers, and homogeneous products.
- Market intelligence includes competitive market analysis. Data collection on various competitors is an essential step in the process. The company's marketing strategy, branding, marketing tactics, sales performance, brand equity, and so on are all examined in a competitive analysis of product lines and value propositions.
- The free entry and exit of firms, as well as the existence of homogeneous products, are two of the most important characteristics of the perfect market.
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