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PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.
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FOURTH RULE OF COMPETITION The fourth of seven basic rules of the economy, stating that competition among market buyers and sellers generates an efficient allocation of resources. Competition depends on the relative number of buyers and sellers. The side of the market with fewer numbers generally has relatively less competition and more market control.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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LIML
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