Learn to draw complicated diagrams of Perfect Competition| Quickest and Easiest Explanation in Hindi

Perfect competition is a market structure where many firms offer a homogeneous product. Because there is freedom of entry and exit and perfect information, firms will make normal profits and prices will be kept low by competitive pressures.
Features of perfect competition
Many firms.
Freedom of entry and exit; this will require low sunk costs.
All firms produce an identical or homogeneous product.
All firms are price takers, therefore the firm’s demand curve is perfectly elastic.
There is perfect information and knowledge.
Equilibrium under Perfect Competition through MC and MR in short run
Profit Condition
Loss Condition
No Profit No Loss Condition
Equilibrium under Perfect Competition through MC and MR in long run
Condition of Normal Profits
AC AR MC MR TC TR Equilibrium Profit Loss No Profit No Loss Normal Profits
Perfect Competition ke diagram kaisey banaayein
Diagram banane ka saral tareeqa
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