Perfect Competition and Market Imperfections

Victor J. Tremblay and Carol Horton Tremblay
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Victor J. Tremblay: Oregon State University
Carol Horton Tremblay: Oregon State University

Chapter Chapter 5 in New Perspectives on Industrial Organization, 2012, pp 123-143 from Springer

Abstract: Abstract Competition is a fundamental concept in a market economy. We can think of competition as firm rivalry, where one firm battles to gain a strategic advantage over its competitors. For example, General Motors and Ford have been competing with one another for over a century to produce better cars at lower cost and to create more catchy marketing campaigns. We can also think of competition as a type of market structure. Both concepts are important in industrial organization. In later chapters, we analyze various forms of competitive behavior. In this chapter, we review the market structure of perfect competition.

Keywords: Equilibrium Price; Market Failure; Consumer Surplus; Demand Curve; Input Price (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-1-4614-3241-8_5

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