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We can talk about a perfect competition when we have a large number of well-informed independent buyers and sellers who exchange identical products. It represents a theoretically ideal situation that is used to evaluate other market structures.

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Necessary Conditions for a Perfect Competition

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Necessary Conditions for a Perfect Competition

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-Large number of buyers and sellers.
-Buyers and sellers deal with identical products.
-Each buyer and seller acts independently.
-Buyers and sellers are reasonably well-informed about products and prices
-Buyers and sellers are free to enter into, conduct, or get out of business.

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This is the name given to any of three market structures- monopolistic competition, oligopoly and monopoly- that lacks one or more pf the conditions required for perfect competition.

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Market structure that has all the conditions for perfect competition, except for identical products.

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Monopolistic Competition- Short Run and Long Run- Micro 4.12

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It's a market structure in which a few very large sellers dominate the industry.

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Oligopolistic markets are those dominated by a few large firms. They may compete or collude. Game Theory can help develop an understanding of how oligopolists operate.

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It's a market structure with only one seller of a particular product.

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Monopoly Graph Review and Practice- Micro Topic 4.2