Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.

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One unexpected benefit from our foot-paced view of the economy is loose change. Keeping our eyes to the ground has uncovered a nickel here, a quarter there, and an occasional dollar bill. My total is up to $137.65, an amount that I'm reluctant to keep on my person. Fortunately Interstate OmniBank has a branch very close the Dr. Nova Cain's dental office. I can deposit my booty into a safe, secure savings account under the watchful eyes of Interstate OmniBank employees, to be withdrawn if needed at a later date. Not only will Interstate OmniBank keep my $137.65 safe and secure, they'll also pay me an interest. That's I deal I just can't pass up.
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for pencil sharpeners with an attitude.
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