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PERFECT COMPETITION CHARACTERISTICS: The four key characteristics of perfect competition are: (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. These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market.
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COLLUSION, EFFICIENCY Colluding oligopolistic firms generally produce less output and charge a higher price than would be the case for a perfectly competitive industry. The efficiency of colluding oligopolistic firms is essentially the same as that for monopoly. In essence, colluding oligopolistic firms function just as if the market is a monopoly. The price charged by the colluding firms is higher than the marginal cost of production and the quantity is less. Most notably, price is greater than marginal, a violation of the key condition for efficiency.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for door-to-door salesmen.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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AASB
American Assocation of Small Business
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