LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY 9-1 HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Two Resource Markets
Two Resource Markets
Feb 22, 2016
Two Resource Markets. Conditions Necessary for Perfect Competition in a Market. 1. A large number of buyers and sellers. 2. Resources or products offered by all sellers are identical (i.e., they are perfect substitutes). - PowerPoint PPT Presentation
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LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
9-1
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
Two Resource Markets
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
9-2
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
Conditions Necessary for Perfect Competition in a
Market1. A large number of buyers and sellers.
2. Resources or products offered by all sellers are identical (i.e., they are perfect substitutes).
3. No barriers to enter or exit the market; sellers can freely enter or leave.
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
9-3
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
Perfect Competition versus Monopoly
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