Chapter 7: Market Structures Section 1 - Weebly
Chapter 7: Market Structures Section 1
Objectives
1. Describe the four conditions that are in place in a perfectly competitive market.
2. List two common barriers that prevent firms from entering a market.
3. Describe prices and output in a perfectly competitive market.
Chapter 7, Section 1
Copyright ? Pearson Education, Inc.
Slide 2
Key Terms
? perfect competition: a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
? commodity: a product that is considered the same no matter who produces or sells it
? barrier to entry: any factor that makes it difficult for a new firm to enter a market
Chapter 7, Section 1
Copyright ? Pearson Education, Inc.
Slide 3
Key Terms, cont.
? imperfect competition: a market structure that fails to meet the conditions of perfect competition
? start-up costs: the expenses a new business must pay before it can begin to produce and sell goods
Chapter 7, Section 1
Copyright ? Pearson Education, Inc.
Slide 4
Introduction
? What are the characteristics of perfect competition?
? Many buyers and sellers ? Identical products ? Informed buyers and sellers ? Free market entry and exit
Chapter 7, Section 1
Copyright ? Pearson Education, Inc.
Slide 5
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