Buy custom Why is perfect competition often described as the ideal market structure? Compare and contrast with other known market structures.
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| Topic: |
Business
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| Number of pages / Number of words: |
7 / 1877 |
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It is because change in one firm’s production does not sufficiently affect the overall supply, therefore the market price stays the same. Firm’s demand forms a horizontal line which indicates the price, as well as average and marginal revenue curves.(Fig 6.2,b)
It means that each firm can sell an unlimited number of units of production for the same price, and every unit adds the same amount to its total revenue...
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Therefore firm’s marginal revenue(MR) is equal to its avarage revenue(AR) and the price for which it sells its product(P). In every market structure firm’s resource allocation is determined by the market price of the product and firm’s cost of production. In the short-run, firm’s avarage revenue will need to be at least big enough to cover its avarage variable costs, however the long-run will require covering all the firm’s costs(variable and fixed), including also the normal profit necessary to keep the firm in the industry...
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