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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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DEMAND The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is an inverse relation between price (demand price) and quantity (quantity demanded). Demand is one half of the market exchange process--the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for attractive cable television service repair people.
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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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"Success is the child of audacity. " -- Benjamin Disraeli, British statesman
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BLS
Bureau of Labor Statistics
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