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In the field of economics, in specific general equilibrium theory, a perfect market is defined by several ideal situations, collectively called perfect competition.

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In theory, where all the conditions hold, it has been demonstrated that a market will be at its equilibrium where the quantity supplied for every entity equals the quantity demanded at the price.

What is Perfect Competition?

The idealistic situation prevailing in a market wherein the buyers and sellers are in such great numbers and well informed, all the elements of monopoly are absent and the market price of a product or service is beyond the control of all the individual buyers and sellers.

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In perfect competition, all the firms sell homogenous products with all the firms being price takers, which implies that they cannot influence the market price. The market share does not have any influence on the market prices. The resources for labor are perfectly mobile. The firms involved in perfect competition can enter or exit a market without any cost.

Idealizing Conditions of Perfect Competition

There are a large number of buyers and sellers- There is a presence of a large number of consumers that are willing and can buy the commodity at a certain price, with the presence of a large number of producers with the will to supply the product at a certain price.

Anti-competitive regulation- It is assumed that a market of perfect competition will provide the regulations and protections which will control and eliminate anti-competitive activity in the marketplace.

Every participant is a price taker- There is an absence of any participant who can control the market prices

Homogenous Products- The products which are exchanged in this market are perfect substitutes for each other, which means that the qualities and characteristics of a market do not vary between different suppliers.

Rational buyers- The buyers in a perfect market always trade to their economic utility.

No Barriers to entry and exit- The entry to and exit from these markets is completely free of costs.

No Externalities- The third parties are not affected by any dealings in a perfectly competitive market.

Non-increasing returns to scale- The scarcity of economies of scale ensure that there will always be a sufficient number of firms in the market.

Perfect Factor mobility- In the long term, all the factors of production remain perfectly mobile which allows free long-term adjustments to change conditions.

Perfect Information- All the producers and consumers know everything about the commodity.

Profit maximization- Firms sell their products where the highest profit is generated.

Well-defined property Rights- They determine what may be sold along with what rights may be given to a consumer.

Zero transaction costs- The consumers and producers do not incur any costs while making an exchange of commodities.

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Equilibrium in a Perfect Competition

Equilibrium in perfect competition exists at a point where the market supply equals the demand in the market. The producer’s price will be determined at this particular point. From the point of view of the short run, it will be affected by the demand. In long run, both demand and supply affect it in perfect competition. Only the professional assignment writers of BookMyEssay will be able to provide an error-free Perfect Competition essay assignment help to those who need it.

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