The perfectly competitive market is an economic anomaly; it does not exist in real life, because of the unreal circumstances that need to occur in perfectly competitive industries. Perfectly competitive markets have so many competing firms, that one firm cannot change the overall market price of the good that the firm is selling. In a perfectly competitive market, there is perfect economic efficiency for each firm. Each firm's demand curves are perfectly elastic (vertical), although the industry's D curve is not. Another characteristic is that the firms MR curve is equivalent to product price is equivalent to the demand curve is equal to total revenue. These are not all of the characteristics of perfect competition, but these are the basic defining features of this market type.
A picture of a perfect competitor's cost curves: http://ourtwocents.files.wordpress.com/2008/04/perfect-competition.png
Second answer
Note: it is important to bear in mind that perfect competition is not a real thing. It is an idealised model which is analysed in Economics the way perfectly elastic collisions, point masses, incompressible materials, perfect vacuums, perfect insulators, perfect conductors, massless inextensible strings, Newtonian fluids, and volumes with no gravitational field in them are used in physics. It is an idealised baseline from which real phenomena are expected to deviate because of their idiosyncratic features. Also, it is not the only such model: other ideals include perfectly price-discriminating monopoly, market-segmenting monopoly, non-price discriminating monopoly, bilateral monopoly, natural monopoly, oligopoly, market-leader oligopoly, monopolistic competition, commons, club goods, pure public goods....
The characteristics of perfect competition are that:
Perhaps the perfectly competitive market needs an improved answer. Many markets are competitive, however, a perfectly competitive market has the following:
* The products offered for sale are all the same or of the same type; and
* The buyers and sellers are so numerous that no one buyer or seller can influence the price.
With that said, if a market is perfectly competitive, both buyers and sellers are said to be price takers because they cannot influence the price. The assumption of perfect competition can apply well to farm products. There products such as coffee meet the two requirements set earlier.
This would not apply however to the raw diamond markets where several major players such as De Beers, dominates the market.
In perfect competition the prime characteristic is that there is only one single product that are sold by suppliers at a fixed price. Another characteristic is that there is an infinite number of buyers and sellers for the product.
There are a large number of sellers and buyers in each market.
All firms are price takers.
All firms have a relatively small proportion of total market sales. They have no market power.
The firms in the market produce undifferentiated, or homogeneous, products.
There is free entry and exit. There are no barriers to entry.
All firms and consumers have perfect information about prices, the product, and market conditions.
# Large number of buyers and sellers in the market # Identical products # Act independently # Well informed consumer # Ease of entry into market
A great many sellers who act independently of each other would be a perfect competitive market.
Competition can be a positive or negative thing for any new business. Positive wise.. it makes them known, and gets their name spread around. And on the other hand, negative.. if their competitor makes it bigger then they lose their customers.
To limit long-term competition and blind-side consumers with their individual gas prices. These service stations will only benefit from consumers that are not adamant about how much they pay for gas, the rest will be wise enough to research gas prices on the internet.
1.37
to use the system in a wise manner
To answer the question literally, it would have to be based on the word "wise", the root word for "wisdom". Wisdom comes in two forms, through experience and learning, or through common sense and good judgment. In that case, the only way to be a "wise" manager is to have learned from many life experiences, which would typically imply that you've got to be, i.e. over the age of 35. The other way to be wise is to have the natural ability to apply good judgment to new situations based on intuition and common sense regardless of age. Being a wise manager isn't something that just happens. Find a Manager, typically higher ranking than your position, whom you feel is be wise, uses good judgment, has lots of experience, etc. and ask them to be a mentor.
dont cheat
wise weird
A. Before the birth of Jesus
Brave , intelligent, kind, wise , enthusiastic
Yes they are always even, other wise it would not be a perfect sqare.
Is this for the Asia Wise competition? It's really hard!
yes there are 3, Asia wise competition??
Winston Churchill
Some good characteristics of a wise consumer are researching a product before purchasing. Another one is reading reviews and getting opinions from family and friends. Calling multiple stores or checking online for prices is also another great characteristic of a wise consumer.
Question 13 on Asia Wise competition is it not?
faithfullness, being wise, love to others, bravery
Smart, Hardworking, In the rite place at the rite time, Knows his stuff, and wise.