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Which of the characteristics of the perfectly competitive market structure are found in the Flower Auction...

Which of the characteristics of the perfectly competitive market structure are found in the Flower Auction Aalsmeer?

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Answer #1

In a flower auction a feature that resembles the perfectly competitive market is that of a large number of buyers. As much as 2500 people take part in the auction and many others participate online

Another feature is that no particular buyer can influence the price. This indicates that they have to take the price which is determined by the market forces.

The product sold are flowes of different varieties so that they are not identical to each other but are close substitute.

In the short run participants can earn economic profit and there is a free entry and exit of participants.

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