Distinguish between the following: 1. Perfect competition and Pure competition

Distinguish between the following:

1. Perfect competition and Pure competition

Answer: 

Perfect Competition
Pure Competition
Factors of production are perfectly mobile
Factors of production are immobile and cannot move from one industry to another.
Buyers and sellers have perfect knowledge about the prevailing market conditions. 
Buyers and sellers have imperfect knowledge about the prevailing market conditions. 
The characteristics of perfect competition are quite stringent, hence the existence of this market structure is a myth.
The characteristics of this market structure are comparatively liberal, hence, can be found in the real world.


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