Needs of Perfect Competiton There are a few conditions which will be required for perfect competition-both about what kind of firm and the conditions under which any given firm is operating. No Market Power: The firm must be small relative to the market, implying that its output is small compared to the total market supply. No single firm can affect the price of the market due to on... https://finxl.in/courses/financial-modelling-and-valuation-course.html