Question

What are the likely reasons that the market for dress shirts is not perfectly competitive?

Answer 1

the likely reasons that the market for dress shirts is not perfectly competitive are dress shirts are not a standardized (homogeneous) product.

What is being perfectly competitive?

A perfectly competitive market, often referred to as an atomistic market, is defined by multiple idealizing criteria, which are together referred to as perfectly competitive, or atomistic competition, in general equilibrium theory.

It has been shown in theoretical models with perfectly competitive that a market will find equilibrium when the amount supplied for each good or service, including labor, equals the amount sought at the current price.

A Pareto optimal equilibrium would be this one. Perfectly competitive marketplaces are not always productively efficient in the short run because the output does not always occur where marginal cost and average cost are equal.

Long-term productive efficiency, however, comes about as new businesses enter the sector. Price and cost are lowered to the minimum of long-term average costs due to competition.

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