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PRESENTED BY:
GROUP 10:
Lakshmi kruthiga. P
15Y208
Mohammed Hameeth. M 15Y209
Mohammed Hussain. I 15Y210
Naveen Kumar. D
15Y211
Synopsis:
Introduction
Assumptions of perfect competition
Demand and revenue for a firm in
perfect competition
Short run equilibrium
Long run equilibrium
Conclusion
Referred from:
Economics
- Lipsey and Chrystal
(Eleventh edition)
INTRODUCTION:
What is perfect competition?
Buyers and sellers are so numerous.
All elements of monopoly are absent.
Market price of a commodity is
beyond the control of individual
buyers and sellers.
(a) Competitive
industrys demand
curve
(p)
(Rs)
TR/q
TR/q
10
30
11
33
12
36
13
39
Conclusion
Perfect competition is a special case
where the product is homogenous.
Hence the perfect competition is not
directly applicable to most markets
for goods and services.
Questions?