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Perfect competition

What are the four main characteristics of a perfectly competitive market structure?

A
  • Few dominant sellers
  • Differentiated products
  • Imperfect information
  • High barriers to entry or exit
B
  • Many buyers and sellers
  • Homogeneous (identical) products
  • Perfect information
  • No barriers to entry or exit
C
  • Many buyers and sellers
  • Differentiated products
  • Imperfect information
  • Low barriers to entry or exit
D
  • One dominant seller
  • Unique products
  • Limited information
  • Legal barriers to entry or exit

Perfect competition Flashcards

  1. A Level
  2. /Economics
  3. /Perfect competition

Flashcards for OCR A Level Economics Perfect competition, covering the key terms, economic models and case studies you need to recall for Component 01, Component 02 and Component 03. 24 cards, matched to the OCR A Level Economics (H460) specification. Recall questions account for roughly 25% of marks at A Level Economics, so these target the marks you can secure before the paper starts.