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Perfect competition arises when there are many sellers, each selling an identical product, and they should be of equal size. Also there are many buyers; there are no restrictions on entry and exit.
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Perfect competition arises when there are many sellers, each selling an identical product, and they should be of equal size. Also there are many buyers; there are no restrictions on entry and exit. No individual firm can influence the price at which it sells its output. Firms are said to be price takers. Price maker is the market. Coffee growing has many of the characteristics of a perfectly competitive market. Coffee is the second largest export commodity in the world after oil and is exported from 52 countries in the south. From 1990s coffee industry has been transformed from a managed market, in which governments played an active role both nationally and internationally, to a free-market system, in which anyone can participate and in which the market itself sets the coffee price. There are large numbers of producers and their productions are almost identical. The world production of coffee has risen...
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