Perfect competition is theoretical. Understand how to identify real-world barriers, and explore how economists view its ...

Explore the main factors affecting competition in microeconomics, including product differentiation, barriers to entry, and the role of market structures.

Perfect competition is a theoretical model with many buyers and sellers offering identical products. In this model, firms cannot influence prices and make zero long-term profit due to free entry and ...

Buyers and sellers meet and at the right price all products are sold Three little words. Often that is all it takes to make one’s heart beat faster. “Liberty, equality, fraternity” captured the French ...

Paul Blacklow is affiliated with Economic Society of Australia. This article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics ...

Perfect competition did a good job explaining buyer and seller behaviors in big city farmer markets in the late 1800s. But today, even absent a living example of a perfectly competitive market on ...

Gaining competitive advantage is key to increasing market share and ultimately profits, but what is competitive advantage and how does it apply to today’s globalized economy? Understanding the ...