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The video clip I've chosen explains what perfect competition is, gives you the general characteristics of the structure and explains the perfect competition graphs.

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Perfect Competition in the Short Run- Microeconomics Topic 3.7 (1 of 2)

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1. You can't charge higher then normal price for your productions
Ex) If you were selling tomataoes, you aren't
going to charge $73 dollars a package because costumers can find that identical product at another stand for cheaper, easily.
2. Anyone can start in on perfect competition, making it more difficult for you to sell your  product as competitors multiply
Ex) If only 3 stands around you sell tomatoes then it's going to be alot  easier to sell your product then if there was 13 stands.
3. The location you decide for your firm makes a diff eve on how much your profit from your products, unlike a airline oligopoly where you have no choice other then to drive to wherever the airport is.
Ex) If your stand is 1.3 miles from where the customer is, there not going to go to you if they can just go to an alternate stand thats .3 miles away.

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1. Wherever a consumer chooses to go for their perfect competition products, they'd get the same product at store A as store B, making it so they don't have worry about one being better then the other
Ex) If your stand is selling tomatoes and then stand next to you is also selling tomatoes, the customer could go to either of the two stands and get the produce and not worry about if ones better then the other
2. Since your product is the same as anyone else, you don't have to do much advertising. Consumers will atomatically know what your product is and choose whether or not they want to purchase it.
Ex) If a comstumer wants to buy tomatoes, they're not going to google all the information about them. It's common knowledge of what a tomato is so you don't have to do any advertising
3. symmetric information isn't an issue since the product information is well known to buyers and easy to access
Ex) There isn't anything that you could lie to the customer about if you where buying tomatoes, they are what they are and that's just how it is.

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How Does A Farmer's Market Fit The Profile Of Perfect Competition

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How Does A Farmer's Market Fit The Profile Of Perfect Competition

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A farmers market fits the profile of perfect competition because when you go you can see that there's many food stands selling identical products, around the same general price and anyone can easily decide to go there and put up a stand of their own.

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-There are many firms selling the same items. Ex) Fruits and Vegetables
- Perfect Competition is an easy business structure to start up and/or demolish
- Firms do not get to choose the price they sell their products at because the market has already decided the price using the market equilibrium