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Learn about the characteristics shown in a Perfect Competition Market.

Once you've finished the video, answer the video-related poll in the next post!

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When enough sellers are present perfect competition is possible. Identical good with different prices give consumers variety and sense of quality. Prices are rarely shifting due to good revenue returns, it's a win-win for suppliers & consumers. Firms have a choice of entering or exiting perfect competition markets, giving new producers comfort and security for the long run.

Suppliers get their money and buyers get originality and good prices/good quality.

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The Characteristics of Perfect Competition

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The Characteristics of Perfect Competition

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Characteristic #1: The market has many buyers and many sellers.

Characteristic #2: All firms sell identical goods.

Characteristic #3: Buyers and sellers have relevant information about prices, product quality, sources of supply, and so on.

Characteristic #4: Firms have easy entry into and exit from the market.

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Advantage #1: Knowledge is shared evenly between all the participating firms in the market.

Advantage #2: Due to no barriers to entry, the existing firms cannot exercise a monopoly.

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Disadvantage #1: Limited consumer choice.

Disadvantage #2: Lack of incentive for innovation.

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Link to google form:
https://docs.google.com/forms/d/e/1FAIpQLScpMzynR9mD3OYkVKtlACGaXW-i4zF0LjYCLCKViQMDDjMYFg/viewform?usp=sf_link