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PC long run

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homogenous product
lack of variety for consumers

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certain production of goods may lead to undesirable side effects e.g pollution

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no guarantee that goods produced are distributed in the fairest proportions

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not able to afford research and development
no supernormal profit in the long run
no investment made

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no advertising needed

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competition within firms which act as a spur of efficiency

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optimum allocation of resources
economic efficiency can be achieved in PC
productive - min of AC curve
allocative - P = MC

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MC = MR
MC = MR = AC = AR
AC = AR

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MC = MR
AR < AC

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MC = MR
AR > AC

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acts as efficiency benchmarks for other market structures

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shutdown point
short run - P = min . AVC
long run - P = min . AC

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unable to take advantages of economies of scale

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lack of variation - limits consumer choice

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lack of research - innovation is copied

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high turnover for firms

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allocative efficiency MR = AR
productive efficiency MC = AC
low prices and high quality
many suppliers - cost reduction MC = S
responsive to changes in demand ( flexible )

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short run subnormal profit offset by hit and run competition

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MC = AC = MR = AR = P

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normal profit in the long run

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same technology for all firm

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No transport cost - factor immobility

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No barriers to entry - free entry and exit

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homogeneous products ( no product differentiation )
PED = INFINITY

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perfect knowledge of prices and profit

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price takers ( ar = mr )

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many buyers and sellers
low concentration ratio