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Perfect competition

In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In theoretical models where conditions of perfect competition hold, it has been demonstrated that a market will reach an equilibrium in…

Products, Idealizing conditions of perfect competition & Normal profit

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Idealizing conditions of perfect competition

Normal profit

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Criticisms

Bibliography

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Perfect competition

Nodes113
Edges112
Triples156
Avg. degree1.98
Density0.017699
Components1

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Perfect competition

Top relations

related to Bibliography · 96
Perfect competition → Abramovitz, Agnar, Apr, Arrow, August, Aumann, Austrian, Basic Books, Behavior, Bell, Bharadwaj, Cambridge, Cambridge University Press, Capital, Chapter, Cheltenham, Columbia Univ, Competition, Continuum, Course
related to Idealizing conditions of perfect competition · 15
Perfect competition → All, As, Buyers, Costs, Homogeneous, No, One, Perfect, Rational, The, These, This, Utility, Well, Zero
related to In competitive and contestable markets · 12
Perfect competition → As, At, Economic, In, Incumbent, Monopoly Profit, New, Normally, Persistence, See, The, When
related to Criticisms · 7
Perfect competition → Indeed, Some, The, Therefore, These, They, This
related to Equilibrium in perfect competition · 6
Perfect competition → As, Equilibrium, For, From, In, This
related to Profit · 5
Perfect competition → Classical, In, Neoclassical, This, Thus
is a · 2
Perfect competition → point where market demands will be equal to market supply, sufficient condition for allocative and productive efficiency
related to Results · 2
Perfect competition → As, In
see also · 1
Perfect competition → Supply

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Important terminology

market competition perfect firm price profit costs markets equilibrium firms economic cost product industry theory marginal supply displaystyle run revenue

Entity relationships Subject–Predicate–Object triples

SubjectPredicateObjectConfidenceSrc
Perfect competitionis asufficient condition for allocative and productive efficiency0.90text
Perfect competitionis apoint where market demands will be equal to market supply0.90text
that of monopolistic competition.In the short-runinstance ofvery specific conditions0.80text
perfectly competitive markets are not necessarily productively efficientinstance ofvery specific conditions0.80text
as output will not always occur where marginal cost is equal to average costinstance ofvery specific conditions0.80text
in a perfect monopoly or oligopoly situationinstance ofmuch more prevalent in uncompetitive markets0.80text
perfect information cannot be verifiedinstance ofassumptions0.80text
are only approximated in organized double-auction markets where most agents waitinstance ofassumptions0.80text
observe the behaviour of prices before deciding to exchangeinstance ofassumptions0.80text
trade unionsinstance ofas well as overt coalitions0.80text
far from being impediments to a smooth working of labour markets that would be able to determine wages even without these elementsinstance ofas well as overt coalitions0.80text
are on the contrary indispensable because without them there would be no way to determine wagesinstance ofas well as overt coalitions0.80text

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