Perfect Competition

?
Key assumptions of a perfectly competitive market
HALFPPP
1 of 8
Number of firms
many
2 of 8
Type of product
Homogeneous
3 of 8
Barrier to entry
none
4 of 8
Super-normal profit in the short run
Yes
5 of 8
Super-normal profit in the long run
No
6 of 8
Pricing powerq
Price taker
7 of 8
Productively efficient?
Yes
8 of 8

Other cards in this set

Card 2

Front

Number of firms

Back

many

Card 3

Front

Type of product

Back

Preview of the front of card 3

Card 4

Front

Barrier to entry

Back

Preview of the front of card 4

Card 5

Front

Super-normal profit in the short run

Back

Preview of the front of card 5
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