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Economics Unit 1 4.1.5 Market Structures Lesson 3 Perfect Competition

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Lesson 3 Perfect Competition

Flashcards by Ryan Finch, updated more than 1 year ago

	Created by Ryan Finch about 3 years ago

Resource summary

Question	Answer
Examples of Markets that are closest to Perfect Competition?	Share and Currency Trading
Perfect Competition in the Long-Run Diagram	Image: Perfect+Competition+In+The+Long+Run (binary/octet-stream)
Perfect Competition in the Short-Run Diagram	Image: Perfect Competition Short Run Equilibrium Supernormal Profits (binary/octet-stream)
Efficiencies in Long-Run Perfect Competition	Productive Yes Allocative Yes X Yes Dynamic No
Efficiencies in Short-Run Perfect Competition	Productive No Allocative Yes X Yes Dynamic No

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