perfect competition

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Last updated 11:03 AM on 6/9/26
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4 Terms

1
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Number of firms in industry

perfect competition has many buyers and sellers

2
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Product

Plenty of choice for consumers in a market where all products are homogenous in quality

3
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Barriers to entry

No restrictions on entry into the industry. Firms in the industry have no advantage over potential new entrants

4
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Firm’s control over price

Firms are price takers, meaning they have no control over the price. Firms and buyers are well informed about prices of the products of each firm in the industry.