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Perfectly Competitive Market Structure

[Summary]Perfect Competition A market structure in which the following five criteria are met: 1) All firms sell an identical product; 2) All firms are price takers; 3) All firms have a relatively small market share; 4) Buyers know the nature of the product be

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Perfect Competition

Perfectly Competitive Market Structure

A market structure in which the following five criteria are met: 1) All firms sell an identical product; 2) All firms are price takers; 3) All firms have a relatively small market share; 4) Buyers know the nature of the product being sold and the prices charged by each firm; and 5) The industry is characterized by freedom of entry and exit.

Perfect competition

Classification

History of economics

Economic history (academic study)

Schools of economics

Microeconomics

Macroeconomics

Methodology

Heterodox economics

JEL classification codes

Econometrics

Economic growth

Economic system

Experimental economics

Mathematical economics

Game theory

Post-scarcity

National accounting

Agricultural

Episode 26: Perfect Competition

Characteristics and outcomes of the perfectly competitive market structure.

"Episode 26: Perfect Competition" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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