![MERCADOS de COMPETENCIA PERFECTA + [EJEMPLOS] | 📚 Economia de la empresa 2 de bachillerato 09#](https://i.ytimg.com/vi/HjByEr-IDLw/hqdefault.jpg)
MERCADOS de COMPETENCIA PERFECTA + [EJEMPLOS] | 📚 Economia de la empresa 2 de bachillerato 09#
Welcome to Home Economics
In this chapter, we will explore the concept of perfect competition in markets. Perfect competition is a theoretical model that may not exist in reality due to its specific characteristics.
Characteristics of Perfect Competition
- Product Homogeneity: Products sold by different sellers are identical and perfect substitutes. This ensures a single market price determined by supply and demand.
- Price-Accepting Companies: In perfect competition, firms do not have the power to influence prices as there are many suppliers and demanders. Each firm's decisions do not impact the overall market price.
- Transparency: Market participants have full knowledge of the general conditions, including price and quality characteristics of products.
- Freedom of Entry and Exit: There are no barriers preventing companies or consumers from freely entering or leaving the market.
Real-Life Examples
- Fruit Market or Fish Market: These markets closely resemble perfect competition as they exhibit some characteristics such as homogeneity of products, price determination based on supply and demand, partial transparency, and limited freedom of entry and exit.
Understanding Different Types of Markets
To gain a comprehensive understanding of various market types like monopoly or oligopoly, additional videos discussing these topics are provided in the comments section and video description.