Perfect Competition

A. Koutsoyiannis
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A. Koutsoyiannis: University of Waterloo

Chapter 5 in Modern Microeconomics, 1975, pp 154-170 from Palgrave Macmillan

Abstract: Abstract Perfect competition is a market structure characterised by a complete absence of rivalry among the individual firms. Thus perfect competition in economic theory has a meaning diametrically opposite to the everyday use of this term. In practice businessmen use the word competition as synonymous to rivalry. In theory, perfect competition implies no rivalry among firms.

Keywords: Demand Curve; Factor Price; Supply Curve; Individual Firm; Marginal Revenue (search for similar items in EconPapers)
Date: 1975
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DOI: 10.1007/978-1-349-15603-0_5

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