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COMPETITION AMONG THE MANY: A market with so many buyers and sellers that none is able to influence the market price or quantity exchanged. This type of competition is the one most favored by economists (the other type is competition among the few). Compared to a three-person sprint, this is like a 10,000-entry road race. To win this race, I can't count on the other 9,999 coming up injured. To win, I may have to be the best I've ever been. I just might have to set a world record. This is the type of competition that brings out the best, most efficient use of resources.
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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for attractive cable television service repair people.
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John Maynard Keynes was born the same year Karl Marx died.
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"The greatest glory in living lies not in never falling, but in rising every time we fall. " -- Nelson Mandela, statesman
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