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Revision Presentation - Perfect Competition

Level:
A-Level
Board:
AQA, Edexcel, IB, OCR

Last updated 22 Mar 2021

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This is a revision presentation on the economics of perfectly competitive markets

Perfect Competition

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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