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Perfect Competition

TermDefinition
Price taker A firm that has to accept the price ruling in the market
Homogenous All products are the same irrespective of who makes them
Allocative efficiency The optimum allocation of scarce resources that best accords with the consumers’ pattern of demand
Optimum output The optimum allocation of scarce resources that best accords with the consumers’ pattern of demand
Static efficiency Efficiency at a point in time – includes allocative and productive efficiency
Dynamic efficiency Efficiency over time – new products, techniques and processes which increases economic growth
Structural performance and conduct model Individual performance depends ultimately on the industry structure where the variables in the model are structure, conduct and performance
Created by: zuigy
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