Model Of Pure Competition

  1. Term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition.
    Pure Competition
  2. Used as the benchmark to evaluate market performance.
    Purely Competitive Markets
  3. An explanation of the behavior of individuals, firms, and organizations within a market context.
    Neoclassical microeconomics
  4. Their behavior is thought to be a function of their objectives and the constraints that exist because of technology, quantity/quality of inputs and market structure.
    Neoclassical microeconomics
  5. Market structures can be characterized by:
    • Sellers
    • Buyers
    • Both
  6. Four Basic Types Of Markets:
    • Pure (Perfect) competition
    • Monopolistic (Imperfect) competition
    • Oligopolistic competition
    • Monopoly
  7. Sellers in a purely competitive market.
    Price takers
  8. A ________ is characterized by a large number of relatively small firms. No single firm can influence the market price and are considered price takers.
    purely competitive market
Card Set
Model Of Pure Competition
Last Semester