APPLIED ECON_LESSON 6

VERY LARGE NUMBER of independent seller/small sellers

VERY LARGE NUMBER of independent seller/small sellers

Products are HOMOGENOUS OR EXACTLY ALIKE

Buyers and sellers are PRICE TAKERS

The demand curve for Pure Competition is

There is FREEDOM of entry or exit from industry

Example of products are AGRICULTURAL PRODUCTS

Non price competition: NOT NECESSARY

The sum of all firms producing the same products

There is only ONE SELLER in the industry