"in the above case Perfect competition market structure employed because there are large no of buyers and sellers are involved.The characteristics of perfect competition as under.
1. Large Number of Buyers and Sellers
The Case:The processed food industry in Pakistan has made significant progress in recent years. The industry is now focusing not only on traditional processed food items (e.g., cereal, biscuits, jam, pickles, juices, spices, etc.) but also on value added products, such as frozen ready-to-cook/fully cooked food, healthier snacks, dressing and sauces, processed meat and poultry. A large number of firms have come up in the market to cater the rapid changing needs of the customers. Despite of huge…See More
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