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  2. Perfect competition - Wikipedia

    en.wikipedia.org/wiki/Perfect_competition

    Equilibrium in perfect competition is the point where market demands will be equal to market supply. A firm's price will be determined at this point. In the short run, equilibrium will be affected by demand. In the long run, both demand and supply of a product will affect the equilibrium in perfect competition.

  3. Market structure - Wikipedia

    en.wikipedia.org/wiki/Market_structure

    The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly, and pure monopoly. The main criteria by which one can distinguish between different market structures are: the number and size of firms and consumers in the market, the type of goods and services being traded ...

  4. Monopolistic competition - Wikipedia

    en.wikipedia.org/wiki/Monopolistic_competition

    Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other but selling products that are differentiated from one another (e.g., branding, quality) and hence not perfect substitutes. In monopolistic competition, a company takes the prices charged by its rivals as given and ignores ...

  5. Market power - Wikipedia

    en.wikipedia.org/wiki/Market_power

    "Perfect Competition" refers to a market structure that is devoid of any barriers or interference and describes those marketplaces where neither corporations nor consumers are powerful enough to affect pricing. In terms of economics, it is one of the many conventional market forms and the optimal condition of market competition. [12]

  6. Profit maximization - Wikipedia

    en.wikipedia.org/wiki/Profit_maximization

    In the long run, a firm will theoretically have zero expected profits under the competitive equilibrium. The market should adjust to clear any profits if there is perfect competition. In situations where there are non-zero profits, we should expect to see either some form of long run disequilibrium or non-competitive conditions, such as ...

  7. Long run and short run - Wikipedia

    en.wikipedia.org/wiki/Long_run_and_short_run

    In long-run equilibrium of an industry in which perfect competition prevails, the LRMC = LRAC at the minimum LRAC and associated output. The shape of the long-run marginal and average costs curves is influenced by the type of returns to scale. The long-run is a planning and implementation stage.

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  9. File:Perfect competition in the short run.svg - Wikipedia

    en.wikipedia.org/wiki/File:Perfect_competition...

    English: Diagram showing that it is possible that a firm in perfect competition makes an abnormal profit, if P > min(ATC). In the long run, however, only normal profits will be made, since P will equal min(ATC) exactly.

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