IS SMARTPHONE INDUSTRY PERFECTLY COMPETITIVE?.....

WHAT IS PERFECT COMPETITION?

Perfect Competition describes as a market structure where a large number of buyer and seller are engaged in buying and selling of homogeneous product with competition at highest possible level. Under Perfect Competition, a firms can enter or exit without any restriction from the others. 

HOW SMARTPHONE INDUSTRY IS PERFECTLY COMPETITIVE?

Now a days smartphone has become a necessity. From a 5 year old kid to a 70 year old person, no one can be seen without a smartphone. With its overwhelming demand in the market, the manufacturers of smartphone has increased drastically. Now and then there is a new smartphone company emerging. Recently POCO phone has arrived in the market from the parenting company XIAOMI. Even though its a new product, the demand is at sky-high. With contrast, other smartphone manufacturing companies like VIVO, OPPO, HUAWEI, etc are also making high end smartphones at lower price to capture the market.In my opinion there will be no product from a manufacturer that can capture the market as there will always one or more alternatives. A Perfect Competitive Market.