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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 5 of 20

Topic: Demand <=PAGE BACK | PAGE NEXT=>

Five basic demand determinants:
  • Income: For a normal good an increase in income means an increase in demand. For an inferior good an increase in income means a decrease in demand.
  • Tastes: If people want more of a good, then demand increases.
  • Prices of other goods: A higher price of a substitute good means an increase in demand. A higher price of a complement good means an decrease in demand.
  • Buyer's expectations: If buyers expect higher prices tomorrow, they increase demand today.
  • Number of buyers: More buyers mean more demand.

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CONSTANT-COST INDUSTRY

A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for jovial bank tellers.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

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