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MARKET STRUCTURES – PERFECT COMPETITION
Introduction
Perfect competition is a market structure that is characterized by a large number of small firms, with almost identical products, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology by the consumer. ... The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealised market structure that in the strict sense does not exist in the real world. ... In particular, perfect competition efficiently allocates resources (Pindyck & Rubinfeld, 1995).
Approximate Word count = 1001
Approximate Pages = 4
(250 words per page double spaced)
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