Perfect competition is

• most competitive of the 4 market structures

• least competitive of the 4 market structures

• a corporation

• a nonprofit

prices in perfect competition

• are perfectly elastic

• are perfectly inelastic

• are relatively elastic

• are relatively inelastic

in perfect competition, producers produce a standardized product. Standardized product means

• there are no substitutes

• there are no complementary products

• goods produced are perfect substitutes for each other

• products are standard in price and quantity

in perfect competition you produce where

• mr=atc

• mc=profit

• where there is the most revenue

• mr=mc

in perfect competition sellers

• control prices

• enter and exit the market easily and freely

• join with other sellers to influence prices

• have incomplete information about market conditions

some examples of standardized products include

• milk and eggs

• shirts and jeans

• computers and smart phones

• couches and chairs