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REGULATORY POLICY: Government policy based on government's ability to pass laws and enact regulations.

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Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 1 of 28

Topic: A Perfect Market <=PAGE BACK | PAGE NEXT=>

  • Perfect competition:

  • Perfect competition is a market structure characterized by a large number of relatively small firms, each producing the same product, with freedom of entry and exit, and complete knowledge of prices and technology.
  • The definition of market structure:

  • A market structure is the configuration of a market or industry, especially in terms of the number of firms in the market and the competitiveness of each firm.
  • Perfect competition is THE idealized "benchmark" which is used as a measuring stick to evaluate the efficiency of these other three market structures.


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NET-EXPORT EFFECT

A change in aggregate expenditures on real production, especially net exports from the foreign sector, that results because a change in the price level alters the relative prices of exports and imports. The net-export effect, also termed the international-substitution effect, is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and interest-rate effect. The net-export effect is somewhat analogous to the substitution effect underlying the negative slope of the market demand curve.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for celebrities who speak directly to you through your television.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

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Variable Elasticity of Substitution
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