Two Resource Markets
3
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY 9-1 HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Two Resource Markets
description
Two Resource Markets. Conditions Necessary for Perfect Competition in a Market. 1. A large number of buyers and sellers. 2. Resources or products offered by all sellers are identical (i.e., they are perfect substitutes). - PowerPoint PPT Presentation
Transcript of Two Resource Markets
![Page 1: Two Resource Markets](https://reader036.fdocuments.in/reader036/viewer/2022062410/568160b2550346895dcfd384/html5/thumbnails/1.jpg)
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
9-1
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
Two Resource Markets
![Page 2: Two Resource Markets](https://reader036.fdocuments.in/reader036/viewer/2022062410/568160b2550346895dcfd384/html5/thumbnails/2.jpg)
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
9-2
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
Conditions Necessary for Perfect Competition in a
Market1. A large number of buyers and sellers.
2. Resources or products offered by all sellers are identical (i.e., they are perfect substitutes).
3. No barriers to enter or exit the market; sellers can freely enter or leave.
![Page 3: Two Resource Markets](https://reader036.fdocuments.in/reader036/viewer/2022062410/568160b2550346895dcfd384/html5/thumbnails/3.jpg)
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
9-3
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
Perfect Competition versus Monopoly