Economics
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Boundless Economics
Competitive Markets
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Economics

Section 1

Perfect Competition

Book Version 3
By Boundless
Boundless Economics
Economics
by Boundless
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3 concepts
Definition of Perfect Competition

Perfect competition is a market structure that leads to the Pareto-efficient allocation of economic resources.

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Conditions of Perfect Competition

A firm in a perfectly competitive market may generate a profit in the short-run, but in the long-run it will have economic profits of zero.

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The Demand Curve in Perfect Competition

A perfectly competitive firm faces a demand curve is a horizontal line equal to the equilibrium price of the entire market.

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