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  Perfect Competition

  

respond to student response below in 150 words, ensure you use atleast 1 reference

questiom

Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.

students response

Economists love to discuss the perfect competition model because it demonstrates what kind of market is possible when competition is at its greatest possible level and will produce the best possible outcomes for consumers.  For starters, when perfect competition is in effect, both producers and consumers have perfect knowledge and can maximize their own interests.  Secondly, firms can enter or exit the market without any extreme restrictions or barriers in their way.  This way companies can manufacture identical units of output that are not branded and each unit of output is also homogeneous.  Each individual firm is a price taker and must take its price form the whole industry and maintain the market price.  Economists admit the perfect competition model is generally hypothetical; however, there are many producers in industries that sell similar goods and must react by being price takers.  These price takers need to accept the equilibrium price in order to maintain sales and not fall out of the competition.

Economics Online.  (2019).  Perfect Competition.  Retrieved from https://www.economicsonline.co.uk/Business_economics/Perfect_competition.html

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