I have found one example on wikipedia where it says that eBay auctions can be seen as perfectly competitive. There are very low barriers to enter the market which means that anyone can sell a product, as well as buyers can buy any product they are looking for.
Farming is also a perfect competition.
Perfect competition is a model that is used for understanding interactions.
If you are on a desert island and there is one vendor who sells water, that vendor has a perfect monopoly on drinkable water. If you are in the market for fish and the sea is filled with boats offering fish, that would be closer to perfect competition. It would take you time to negotiate with each boat in the entire ocean, so the competition will never be "perfect". But you can imagine the difference. The water would be high in price and the fish would be low in price.
perfect competition
die
the perfect model
circular flow
In economics, perfect competition is a structure that allocates resources as efficiently as possible. When this happens, price and marginal cost are equal.
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
In economics, perfectly competive markets are those where neither consumer nor producer have influence over prices; they are price takers. Examples follow:Agritgultural Products, commodities such as corn and wheatSemiconductorsUnskilled Labour
No. There is no such thing as a perfectly competitive market, as it is only used as a model in economics.
Shut
In imperfect competition the producer is the price maker whereas in perfect the producer is the price taker. In imperfect no new competitors enter the industries hence super normal profits will continue to be realised, unlike in perfect comp
IBM is a company, so it can't be a perfect competition. Only industries can be a perfect competition, or not.