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Audio explaining a Perfectly competitive market 

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Audio explaining a Perfectly competitive market 

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-As a business who sells coffee beans our market has many people, or firms who will buy the good from us, there are also many buyers in our market who are willing to buy the beans from us
-All of the other businesses who sell coffee beans are selling identical products as us, which also tells our buyers that they will get the same information from us as all other coffee bean firms
-It is really easy to enter the perfect competition market, there are no barriers to enter or exit the market

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1) In a perfectly competitive market a seller cannot and will not sell the product for a price higher than the equilibrium price, since the equilibrium price is set by the market, sellers are price takers
2) In a perfectly competitive market (coffee bean market) a producer will supply the quantity of output at which marginal revenue (MR) is equal to marginal cost (MC)

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Advantages of a perfectly competitive market

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Advantages of a perfectly competitive market

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-there are no barriers to entry [nobody can tell me that I am not allowed to be a part of the coffee bean market, since there are no barriers anyone is allowed]
-no need to spend money on advertising [Since there is always a need for this product, I would never need to advertise in any way to get people to purchase my coffee beans]

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Disadvantages of a perfectly competitive market

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Disadvantages of a perfectly competitive market

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-Selling above equilibrium price won't work [Since my coffee beans are identical to another person's I could not get away with selling my coffee beans for any price above equilibrium price, since people could get the same item for cheaper]
-limited customer choice [Because all items are identical in the coffee bean business, this takes away the chance for choice for sellers which can make it harder to sell the product]

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Coffee traders
-since there are many firms that sell the same product all prices are about the same throughout the market for coffee beans. If the price was increased it would be hard to sell