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PERFECT COMPETITION, REALISM: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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CARDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--can be measured with numerical values (1, 2, 3, etc.) that are based on a benchmark scale. Cardinal utility presumes that satisfaction is a measurable characteristic of a person, like height or weight. The contrasting notion is ordinal utility, which is based on a ranking of preferences.

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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for high interest rates.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

WIPO
World Intellectual Property Organization
A PEDestrian's Guide
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