Perfect Competition Market model

Essay specific features

 

Issue:

Business

 

Written by:

Dennis B

 

Date added:

July 22, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 632

 

Was viewed:

9514 times

 

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Essay content:

The PC model uses the following assumptions: · Homogeneity ? Companies provide goods and services that are perfect substitutes--in other words, identical. Since product differentiation is absent, each company possesses only a small market share. · Perfect and complete information - All companies and consumers know the prices set by all companies...
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Since product differentiation is absent, each company possesses only a small market share. · Perfect and complete information - All companies and consumers know the prices set by all companies. Buyers know the nature of the product sold as well as the prices charged by each company. · Equal access - Information is freely available with concern to technology, input prices, output price, and other factors that might affect production decisions...
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