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Handout6-PerfectCompetition - (i.e near perfect substitutes...

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Characteristics of a Perfectly Competitive Market Characteristic 1: There are many buyers and sellers, each too small to influence the market price of the good or service Characteristic 2: The product or service in question is “standardized”; buyers believe the good or service provided by any seller is the same
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Unformatted text preview: (i.e. near perfect substitutes) • Characteristic 3: There are minimal restrictions on the ability of a seller to participate in the market, and minimal or no consequences of making a decision to no longer participate – “freedom” of entry and exit...
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