Perfectcompetition - this can be contrasted with the more realistic imperfect petition which exists whenever a market hypothetical or real violates the abstract te s of neoclassical pure or perfect petition the theoretical free market situation in which the following conditions are met 1 buyers and sellers are too numerous and too small to have any degree of individual control over prices 2 all buyers and sellers seek to maximize their profit in e 3 buyers and seller can freely enter or leave the market 4 all buyers and sellers perfect petition definition the concept of perfect petition was first introduced by adam smith in his book wealth of nations in perfect petition market prices reflect plete mobility of resources and freedom of entry and exit full access to information by all participants homogeneous products and the fact that no one buyer or seller or group of buyers or sellers has any advantage over another.

perfect petition is a market structure where many firms offer a homogeneous product because there is freedom of entry and exit and perfect information firms will make normal profits and prices will be kept low by petitive pressures perfect petition 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 a perfectly petitive firm with rising marginal costs maximizes profit by producing up until the point at which marginal cost is equal to marginal revenue there are significant obstacles preventing perfect petition in today s economy and many economists think it is better that way under perfect petition equilibrium is possible only when mr mc and mc cuts the mr curve from below but under simple monopoly equilibrium can be realized whether.

marginal cost



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