1
Q
Demand Curve
A
2
Q
Supply Curve
A
3
Q
Perfect Competition
A
A perfectly competitive market has the following properties:
Homogeneous goods or services
Many buyers and sellers
Buyers and sellers all act independently of one another
Price information easily available to buyers and sellers
Economics PPLE
flashcards
Decks in class (8)
# Cards
-
Unit 1 - The Capitalist Revolution24
-
Unit 2 - Technological Change, Population and Economic Growth29
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Unit 3 - Scarcity17
-
Unit 4 - Social Interactions22
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Unit 5 - Property and Power: Mutual Gains and Conflict26
-
Unit 6 - The Firm: Owners, Managers, and Employees44
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Unit 7 - The Firm and its Customers61
-
Unit 8 - Demand and Supply3
