Perfect competition occurs when there are many sellers, there is easy entry and exiting of firms, products are identical from one seller to another, and sellers are price takers.

An example of a perfect competition market would be the sugar market. This is because all sugar is pretty much the same and a company can’t really have a unique selling point to there product.

An example of imperfect competition market could be the phone market however they are all phones, they are different when it comes to quality materials and software.

The fast-food market in some ways can be perfect, this is because all fast-food sell many similar goods like burger kinda and McDonalds for example. However the market could also be imperfect and this come down to quality what the fast food mainly sells and style of the restaurant.

Market with perfect competition is where the products are really similar and they don’t really have massive differences.

Whereas imperfect markets are where the products are the same but there are large differences customers may be more drawn to one because they have a feature the other doesn’t.

Market with near perfect competition:

Farmers grow almost the same thing so they sell really similar products like eggs and meat.

Market with imperfect competition:

The airline sector is the fact that the aircraft’s are expensive so not many people enter the market since you need to have the money.

Fast food markets are perfect markets since they offer similar products and it is easier to enter the market.

Perfect competition is when the products and pricing within the market are generally the same. Imperfect competition is the opposite.

Egg market- only difference is free range eggs.

2-  Flour and sugar as the product can’t be changed to add value to it.

3-  For example energy drinks are different flavour which means they are different prices depending on which one the customers buy.

4- Imperfect competition as it would be harder to enter with bigger competitors making it harder to enter

Agriculture is a near perfect market because the producers cannot really change the selling price of their crops or produce

The airline sector has an imperfect competition because there are various different airlines that have varying quality and price

Imperfect because fast food places have unique selling points and options that make people want to visit them e.g Big Mac.

A farmers market that sells the same type of jam is near perfect competition because the jam will most likely be sold at the same price.

The electric market for houses is imperfect as all though the electricity is always the same, the prices will always be different for various reasons.

The fast food market is imperfect because they may all offer burgers but they’ll be different prices because of different factors

imperfect competition is where a business and their competitors sell products for different prices

1. prices are the same meaning customers won’t switch stores as they’re the same price however you’re not able to attract competitors customers

2. the agricultural industry (farmers market) farmers sell their products e.g. eggs, milk, veg at similar prices

3. the airline sector, some airlines are cheaper than others with different prices.

Perfect competition means farmers many supermarkets buy eggs so no market power which means don't impact the prices.

Imperfect competition means the business which different products like their own branded products such as clothes influence the prices.

Fast food is imperfect because the market may be operating with higher or lower prices which influence fast food business.

example of market w near perfect competition- farmers selling the same jam

imperfect competition market-the airline industry

2 - Perfect competition is usually essential items like eggs, bread, water and vegetables. A common business would be a farmer market which all have a very similar target audience.

3 - A market which is well known for its imperfect competition would be snacks and treats like Mcvitties.

4 - McDonalds is Monopolistic competition which is a type of imperfect competition because they sell different food like burgers and wraps plus they have different marketing strategies, recipes and prices than their competitors.

A market with near perfect competition is the agricultural market as the sellers have no ability to alter their prices meaning they will never increase, leaving them having a stable income. 

Imperfect competition is where the products aren’t similar in taste. They may look different (e.g. colour) cheese could be an example of this because you can get blue cheese, red cheese, blue cheese etc. This also means price will be different due to the quality and size differences of them.

Water companies are a good example of “perfect competition” because they all produce water which comes from relatively the same place.

Supermarkets such as Lidl and Tesco are a good example of “imperfect competition” because it isn’t the only supermarket in the UK. Tesco also has a different market structures compared to other supermarkets in the UK.

An example of a market with near perfect competition would be the water market as all brands are similar and has many competitors with little influence in the market

An example of a market with imperfect competition would be the entertainment industry as their are fewer competitors with many different version of entertainment and certain brands have a larger impact on how the market acts

The fast food market would have imperfect competition as their are many different products offered by different brands and their are clear market leaders who have a larger impact on the market

The difference between a perfect market and an imperfect market is that one can lead to rapid expansion of a product and another can lead to business failure as the market is too hard to get into or grow in

Fizzy drinks are a imperfect market as every drink is unique or original making it hard to get into

Fast food market is perfect because each food type has set recipes where it doesn’t matter where you order from as the product is the same making it a market easy to get into

Farmers markets- fruit and veg all come from the ground but farmers charge different prices

Phones- Samsung v Apple

Perfect competition

2- Aldi and Lidl is the offer the same price and products for example a bag of salad.

3- Imperfect competition for example the airline of diffrent companies.

4-fast food such as Mcdonald and burgerking they offer the same product and maybe price and imperfect fast food is KFC and Subway

Imperfect competition- includes market structure with fewer sellers, different products e.g Airline industry.

Fast food market is imperfect competition also knows as monopoly which only consists of one seller or producer

3. what about the example o lad the imperfect competition for that why is the most on type in price and cost used seller to continue keep price hight and expenses include VAT.

4. The fast food on the research is both perfect and imperfect competition the why is teh cannot be perfect matched on food any because of the basic food very same offer product from Big Mac and Whopper