The Perfect Competition World
Using cryptocurrency and blockchain perfect competition noun the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers. https://en.wikipedia.org/wiki/Perfect_competition A large number of buyers and sellers – A large number of consumers with the willingness and ability to buy the product at a certain price, and a large number of producers with the willingness and ability to supply the product at a certain price. Perfect information – All consumers and producers know all prices of products and utilities they would get from owning each product. Homogeneous products – The products are perfect substitutes for each other, (i.e., the qualities and characteristics of a market good or service do not vary between different suppliers). Well defined property rights – These determine what may be sold, as well as what righ