Question

markets for goods and services appear in a number of forms. in perfectly (or purely) competitive markets: i. there are large numbers of independently acting buyers and sellers ii. the good that is produced and traded is homogenous or standardized iii. an individual buyer can affect the market price whereas an individual seller can not iv. an individual seller can affect the market price whereas an individual buyer can not

Answer 1

Markets for goods and services appear in a number of forms. in perfectly (or purely) competitive markets:

i. there are large numbers of independently acting buyers and sellers

ii. the good that is produced and traded is homogenous or standardized.

What are competitive markets?

• A competitive markets, also known as an atomistic market, is defined by a number of idealizing conditions, which are together referred to as perfect competition, or atomistic competition, in the field of economics, notably general equilibrium theory.
• It has been shown that in theoretical models with competitive markets, a market will eventually find an equilibrium where the supply of all goods and services, including labor, equals the demand for all goods and services at the price in question.It would be Pareto optimal for this equilibrium to exist.
• The two types of efficiency that competitive markets offers are allocative and productive. In the near term, completely competitive marketplaces are not always productively efficient since output does not always occur where marginal cost equals average cost.

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