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Perfect Competition

QuestionAnswer
What is an industry? The set of all firms in a market place selling the same product or service
Name four market forms Perfect, imperfect, oligopoly, monopoly
Name 8 assumptions of perfect competition There are many buyers. Many Sellers. Homogenous goods. No barriers to entry. Perfect knowledge of prices & profits. Each firm seeks to maximise profits. No collusion occurs. Firms face a perfectly elastic supply of factors of production.
Give 4 reasons firms in perfect competition don't engage in advertising? Goods are homogenous. Increased cost & no additional revenue. Benefits entire industry. Perfectly elastic demand.
Is SNP earned in the short run in perfect competition? Yes
Define supernormal profit Any profit in addition to the normal profit an entrepreneur must earn to stay in business
Is SNP earned in the long run in perfect competition? No
Name 4 benefits of perfect competition Firm makes efficient use of resources. Minimum prices are charged. No advertising costs. Efficiency is encouraged
Give 4 disadvantages of perfect competition No economies of scale. No product differentiation. No research and development. No incentive to develop technology.
Created by: JackEatonK98
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