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PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 9 of 19

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A supply schedule can be use to plot a supply curve.
  • The connected plotted points are called a supply curve.
  • A supply curve has a positive slope.
  • Higher prices correspond with larger quantities.
  • The supply curve embodies the law of supply.

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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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APLS

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[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for celebrities who speak directly to you through your television.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

NYBID
New York Interbank Bid Rate
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