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Perfect competition

Videos

Examples

Street food vendors

Free software

Agricultural markets

Characteristics

resources such a labor are perfectly mobile

All firms are price takers (they cannot influence the market price of their product)

Non artifiicial restrictions

Buyers have complete or "perfect" information – in the past, present and future – about the product being sold and the prices charged by each firm

market share has no influence on price

Homogeneous producall firms sell an identical product (the product is a "commodity" or "homogeneous") t

Large buyers and sellers

Firms can enter or exit the market without cost.

Independent relationship between buyers and sellers

Definition

theoretical market structure in which competition is as its greatest possible level.

The principle is the pure competition where any external factor influences in the product or service sale.

Disadvantages

Lack of product variety

Unequal distribution of goods and income

The conditions are very strict,there are few perfectly competitive markets

Insufficient profits for investement

Topic flotante

Advantages

Consumers benefit: consumers charged a lower price

Responsive to consumer wishes

Helps allocate resouces to most efficient use

Encourages efficiency