Perfect competition

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5 Terms

1
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What are the characteristics of a perfectly competitive market

many buyers and sellers

Homogenous goods- identical good

price takers

No barriers to entry/ exit

Perfect information

Firms profit maximise

2
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Draw a perfect competition diagram LR

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3
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Draw a perfect competition diagram SR

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4
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<p>What efficiencies are achieved short run perfect competition</p>

What efficiencies are achieved short run perfect competition

Supernormal profit, allocative efficiency, X-efficiency maybe

5
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<p>What efficiencies are achieved in the long run</p>

What efficiencies are achieved in the long run

Allocative efficiency, productive efficiency, x efficiency

Static efficient but no dynamically efficient