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Home Price and Output Determination Under Perfect Competition Market Structure

Market Structure:

 

Definition of Market:

 

A market is a set of conditions in which buyers and sellers meet each other for the purpose of exchange of goods and services for money.

 

Elements of Market:

 

The essentials of a market are:

 

(i) Presence of goods and services to be exchanged.

 

(ii) Existence of one or more buyers and sellers.

 

(iii) A place or a region where buyers and sellers of a good get in close touch with each other.

      

Types of Market/Market Model:

                     

Markets are classified according to the number of firms in the market and by the commodity to be exchanged. The economists on the basis of variation in the features of market describe four market models:

 

(i) Perfect Competition.

 

(ii) Pure Monopoly.

 

(iii) Monopolistic Competition.

 

(iv) Oligopoly.

 

In the analysis of each market model, it is examined as to what determines the equilibrium price, output and profit levels for the individual firm and for the industry, in this chapter, we discuss the most important of the various market models that is perfect competition. 

Relevant Articles:

Market Structure
Perfect Competition
Equilibrium of the Firm
Short Run Equilibrium of the Price Taker Firm
Short Run Supply Curve of a Price Taker Firm
Short Run Supply Curve of the Industry
Long Run Equilibrium of the Price Taker Firm
Long Run Supply Curve For the Industry
Price Determination Under Perfect Competition
Market Price
Determination of Short Run Normal Price
Long Run Normal Price and the Adjustment of Market Price to the Long Run Normal Price
Distinction/Difference Between Market Price and Normal Price
Interdependent Prices
Joint Supply
Fixation of Railway Rates

Composite or Rival Demand

 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Rent
Wages
Interest
Profits
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance
History of Money

 

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