Perfect Competition by Katharine Rhyner https://padlet.com/krhyner1/4nj176voflhp0z10 en-us 2023-11-09 04:20:55 UTC 2023-11-10 05:32:39 UTC hello@padlet.com Characteristics krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782726110

  • The market has many buyers and sellers

  • All firms sell identical goods

  • Buyers and sellers have relevant information about prices, product quality, sources of supply, and so on

  • Firms have easy entry into and exit out of the market

    • ]]>     2023-11-09 04:28:53 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782726110     krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782729901 Sarah's strawberries is a new business that will be competing in the perfect competition market for strawberries.

    ]]>     2023-11-09 04:31:46 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782729901     Disadvantages krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782736412

  • "price takers" - cannot influence the price of their products

  • only earn enough profit to stay in business (if there was excess profit other businesses would enter the market at drive profits down

    • ]]>     2023-11-09 04:37:49 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782736412     Advantages krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782739014

  • no barriers to entry

  • Free flow of information

    • ]]>     2023-11-09 04:40:08 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2782739014     krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2783822141 2023-11-09 18:54:55 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2783822141 textbook information krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2784469946

  • perfectly competitive firms produce the quantity of output at which marginal revenue equals marginal cost

  • They change the equilibrium price for their product

    • ]]>     2023-11-10 05:03:16 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2784469946     krhyner1 https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2784501777 2023-11-10 05:32:39 UTC https://padlet.com/krhyner1/4nj176voflhp0z10/wish/2784501777