Efficiency and perfect competition

Topic Page

Questions

• What are some examples of perfect competition?
• How is perfect competition and monopoly similar or difference from each other?
• What is a perfect competition market structure?
• Why is perfect competition better than a monopoly?
• What is the concept of market competition?
• What is a perfect competition?
• What differentiates a perfect competition from a monopolistic competition?
• Why should a firm shutdown if both its average total costs and average variable costs exceed the market price?
• Are firms price makers or price takers in a perfect competition?