Teaching PowerPoints
Revision Presentation - Perfect Competition
- Level:
- A-Level
- Board:
- AQA, Edexcel, OCR, IB
Last updated 22 Mar 2021
This is a revision presentation on the economics of perfectly competitive markets
What is Perfect Competition?
HALFPPP
- Homogenous Products (all perfect substitutes)
- All firms have access to factors of production
- Large number of buyers & sellers
- Free entry and exit to/from the market
- Perfectly elastic demand curve
- Perfect knowledge / information
- Profit maximization assumed as key objective
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