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单词 perfect competition
释义
perfect competition

Geography
  • Under conditions of perfect competition, there are many suppliers; a perfectly elastic supply of the factors of production; no collusion between suppliers; and buyers and sellers are fully aware of the prices being charged throughout the market. This is an unlikely state of affairs; imperfect competition is much more common. Try Mossy (2003) Chaos, Solutions & Fractals 18, 3: technical, but interesting.


Philosophy
  • Economic ideal in which many perfectly informed rational self-interested buyers purchase identified and uniform goods from many producers solely interested in maximizing profit, in a market freely able to expand or shrink. Under these conditions the market price of a good becomes the same as the marginal cost of producing it. Real markets depart from the ideal in some or all respects: it is controversial to what extent this vitiates the use of the idealization.


Economics
  • An idealized market situation in which all information is known to all market participants, and both buyers and sellers are so numerous that each is a price-taker, able to buy or sell any desired quantity without affecting the market price. It was once thought that these were the assumptions necessary to describe a competitive economy. This is not the case. Provided all market participants have symmetric information (but not necessarily complete information) and act as if they were price-takers, the competitive equilibrium will emerge.


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