usefulness of perfect competition

7/29/2019 Usefulness of Perfect Competition

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UNIVERSITY OF PETROLEUM AND ENERGY

STUDIES DEHRADUN

Economics Project

ON

Usefulness of Perfect Competition

Submitted To Submitted By

Dr. H. Roy Ayushi Chowdhry

Nilesh Kumar

Madhup Gupta

Manisha Mehta

Kriti Kumar


2/19

Acknowledgment

This project would not have been accomplished without the assistance and guidance of

University of Petroleum &Energy Studies of which we are the students. It is indeed, thecooperation of college that we have been successful in presenting this project to the reader.

We are highly obliged to our teacherDr. H.Roy for the time he has devoted for our project &

help us a lot in every prospect.

This work would not have been completed without the blessing of our Parents. I am also

grateful to my senior who has assisted me in formulating the structure of this project. I would

also like to thanks all my friends to the librarian of college of legal studies who have also

helped me in my project.

At last but not the least I will thank God without whose help & blessing I would not be able

to complete this project.


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Perfect CompetitionIntroduction

A perfectly competitive industry is highly unlikely to exist in its entirety given the strong

assumptions made about the operation of the market.

All markets are competitive to one degree or another, but the vast majority of markets are

characterized as imperfectly competitive. We do, though get closer to perfect competition

in many markets for agricultural and other primary commodities. These are the only markets

where there are enough sellers of products that are near perfect substitutes for each other.

Perfect competition is a theoretical market structure. It is primarily used as a benchmark

against which other market structures are compared. The industry that best reflects perfect

competition in real life is the agricultural industry.

In the case of Perfect competition, the firms earn a normal profit i.e. the average cost is equal

to the average revenue. This happens because when the sellers are earning high amount of

profit new firms are attracted into the market hence making the profit normal. In case the

existing firms are facing losses, then many firms leave the market stabilizing the market with

normal levels of profit.

In the short term, perfectly-competitive markets are not productively efficient as output will

not occur where marginal cost is equal to average cost, but allocatively efficient, as output

will always occur where marginal cost is equal to marginal revenue, and therefore where

marginal cost equals average revenue. In the long term, such markets are both allocatively

and productively efficient.

Under perfect competition, any profit-maximizing producer faces a market price equal to

its marginal cost. This implies that a factor's price equals the factor's marginal revenue

product. This allows for derivation of the supply curve on which the neoclassical approach is

based. (This is also the reason why "a monopoly does not have a supply curve.") The

abandonment of price taking creates considerable difficulties to the demonstration of

existence of a general equilibrium except under other, very specific conditions such as that

ofmonopolistic competition.
http://en.wikipedia.org/wiki/Productive_efficiencyhttp://en.wikipedia.org/wiki/Marginal_costhttp://en.wikipedia.org/wiki/Average_costhttp://en.wikipedia.org/wiki/Allocative_efficiencyhttp://en.wikipedia.org/wiki/Marginal_revenuehttp://en.wikipedia.org/w/index.php?title=Average_revenue&action=edit&redlink=1http://en.wikipedia.org/wiki/Marginal_costhttp://en.wikipedia.org/wiki/Supply_curvehttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/General_equilibriumhttp://en.wikipedia.org/wiki/Monopolistic_competitionhttp://en.wikipedia.org/wiki/Monopolistic_competitionhttp://en.wikipedia.org/wiki/General_equilibriumhttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/Supply_curvehttp://en.wikipedia.org/wiki/Marginal_costhttp://en.wikipedia.org/w/index.php?title=Average_revenue&action=edit&redlink=1http://en.wikipedia.org/wiki/Marginal_revenuehttp://en.wikipedia.org/wiki/Allocative_efficiencyhttp://en.wikipedia.org/wiki/Average_costhttp://en.wikipedia.org/wiki/Marginal_costhttp://en.wikipedia.org/wiki/Productive_efficiency


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Main Assumptions of Perfect Competition.

Generally, a perfectly competitive market exists when every participant is a "price taker", and

no participant influences the price of the product it buys or sells. Specific characteristics may

include:

Each firm produces only a small percentage of total market output. It thereforeexercises no control over the market price. For example it cannot restrict output in the

hope of forcing up the existing market price. Market supply is the sum of the outputs

of each of the firms in the industry

No individual buyer has any control over the market price - there is no monopolypower. The market demand curve is the sum of each individual consumers demand

curveessentially buyers are in the background, exerting no influence at all on

market price

Buyers and sellers must regard the market price as beyond their control

There is perfect freedom of entry and exit from the industry. Firms face no sunk coststhat might impede movement in and out of the market. This important assumption

ensures all firms make normal profits in the long run

Firms in the market produce homogeneous products that are perfect substitutes foreach other. This leads to each firms being price takers and facing a perfectly elastic

demand curve for their product.

Perfect knowledgeconsumers have perfect information about prices and products.
http://en.wikipedia.org/wiki/Price_takerhttp://en.wikipedia.org/wiki/Price_taker


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There are no externalities which lie outside the market

Perfect factor mobility - In the long run factors of production are perfectly mobileallowing free long term adjustments to changing market conditions.

Non-increasing returns to scale - Non-increasing returns to scale ensure that there aresufficient firms in the industry.

Perfect factor mobility - In the long run factors of production are perfectly mobileallowing free long term adjustments to changing market conditions.

Zero transaction costs - Buyers and sellers incur no costs in making an exchange(perfect mobility).
http://en.wikipedia.org/wiki/Factors_of_productionhttp://en.wikipedia.org/wiki/Returns_to_scalehttp://en.wikipedia.org/wiki/Factors_of_productionhttp://en.wikipedia.org/wiki/Factors_of_productionhttp://en.wikipedia.org/wiki/Returns_to_scalehttp://en.wikipedia.org/wiki/Factors_of_production


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PERFECT COMPETITION,

CHARACTERISTICS

These four characteristics mean that a given perfectly competitive firm is unable to exert any

control whatsoever over the market. The large number of small firms, all producing identical

products, means that a large (very, very large) number of perfect substitutes exist for the

output produced by any given firm.

Large Number of Small Firms.

A perfectly competitive market or industry contains a large number of small firms, each of

which is relatively small compared to the overall size of the market. This ensures that no

single firm can exert market control over price or quantity. If one firm decides to double its

output or stop producing entirely, the market is unaffected. The price does not change and

there is no discernible change in the quantity exchanged.

How many firms are needed in a perfectly competitive industry, such that each is so small it

has absolute no market control? There is no actual number that answers this question. This is

due partly to the fact that perfect competition is an idealized market structure that does not

exist in the real world. It is also partly due to the notion that the number of firms is not as

important as the result... that no firm has market control.

Here are two extreme examples that will help illuminate this notion. Example 1 is Phil'shome grown zucchinis. Phil is one among gazillions (a really large number) of people who

grow zucchinis in their backyard gardens. Phil has no control over the zucchini market

because the total zucchini market contains gazillions of zucchini producers, each producing

only a handful of zucchinis. Should Phil decide to produce more zucchinis, fewer zucchinis,

or none at all, the zucchini market and especially the zucchini price are unaffected. Zucchini

buyers continue buying zucchinis from the remaining gazillions of zucchini producers as if

nothing changed. As far as the market is concerned, nothing has changed.


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Example 2 is the innovative folks at Quadra DG Computer Works, which produces the

Quadra 400 Data RAM Cartridges (a memory storage cartridge used in the Quadra 400 Data

RAM Computer Storage System). In this hypothetical economic world, Quadra DG

Computer Works is only one of three companies that produce computer storage products.

Because it holds a market share of 33 percent, Quadra DG has a substantial degree of market

control. Should Quadra DG decide to produce more or fewer Quadra 400 Data RAM

Cartridges, or stop producing them altogether, then the computer storage market takes notice.

The price and quantity exchanged are likely to change.

Identical Goods.

Each firm in a perfectly competitive market sells an identical product, which is also

commonly termed "homogeneous goods." The essential feature of this characteristic is not so

much that the goods themselves are exactly, perfectly the same, but that buyers are unable to

discern any difference. In particular, buyers cannot tell which firm produces a given product.There are no brand names or distinguishing features that differentiate products by firm.

This characteristic means that every perfectly competitive firm produces a good that is a

perfect substitute for the output of every other firm in the market. As such, no firm can

charge a different price than that received by other firms. If they should try to charge a higher

price, then buyers would immediately switch to other goods that are perfect substitutes.

Once again, Phil the zucchini grower offers an example. Phil's zucchinis are no different than

Becky's zucchinis, which are no different than Dan's zucchinis, which are no different than

Alicia's zucchinis, which are no different than any of the other zucchinis produced by any of

the other gazillions of zucchini growers. They look the same. They taste the same. And most

important, they satisfy the same zucchini need.


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Perfect Resource Mobility.

Perfectly competitive firms are free to enter and exit an industry. They are not restricted by

government rules and regulations, start-up cost, or other barriers to entry. While some firms

incur high start-up cost or need government permits to enter an industry, this is not the case

for perfectly competitive firms. Likewise, a perfectly competitive firm is not prevented from

leaving an industry as is the case for government-regulated public utilities.

Perfectly competitive firms can acquire whatever labor, capital, and other resources that they

need without delay and without restrictions. There is no racial, ethnic, or sexual

discrimination.

For example, if Phil wants to leave the zucchini industry and entry the kumquat industry, he

can do that without restriction. Likewise if Becky is a kumquat producer who wants to entry

the zucchini industry, she can do so without restraint. Phil and Becky are not faced with up-

front investment cost nor brand-name recognition that might prevent them from entering a

perfectly competitive industry. When they enter an industry they can instantly compete on

equal ground with existing firms.

Perfect Knowledge

In perfect competition, buyers are completely aware of sellers' prices, such that one firm

cannot sell its good at a higher price than other firms. Each seller also has complete

information about the prices charged by other sellers so they do not inadvertently charge less

than the going market price. Perfect knowledge also extends to technology. All perfectly

competitive firms have access to the same production techniques. No firm can produce its

output faster, better, or cheaper because of special knowledge of information.

Phil, for example, has all of the information needed to grow zucchinis. This is the same

information possessed by Becky, Dan, Alicia, and the other gazillions of zucchini producers.


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Phil also knows that the going price of zucchinis is 50 cents. All of the Zucchini buyers know

that the going price is fifty cents.

In contrast, Quadra DG Computer Works has several patents on the production of Quadra

400 Data RAM Cartridges that are not available to its competition (Omni Ram and

MegaMem).

Assumptions and Conditions

In neoclassical economics there have been two strands of looking at what perfect

competition is. The first emphasis is on the inability of any one agent to affect prices.

This is usually justified by the fact that any one firm or consumer is so small relative to

the whole market that their presence or absence leaves the equilibrium price very nearly

unaffected. This assumption of negligible impact of each agent on the equilibrium price

has been formalized by Aumann (1964) by postulating a continuum of infinitesimal

agents. The difference between Aumanns approach and that found in undergraduate

textbooks is that in the first, agents have the power to choose their own prices but do not

individually affect the market price, while in the second it is simply assumed that agents

treat prices as parameters. Both approaches lead to the same result.

The second view of perfect competition conceives of it in terms of agents taking

advantage ofand hence, eliminatingprofitable exchange opportunities. The faster

this arbitrage takes place, the more competitive a market. The implication is that the more

competitive a market is under this definition, the faster the average market price will

adjust so as to equate supply and demand (and also equate price to marginal costs). In this

view, "perfect" competition means that this adjustment takes place instantaneously. This

is usually modeled via the use of the Walrasian auctioneer(see article for more

information). The widespread recourse to the auctioneer tale appears to have favored an

interpretation of perfect competition as meaning price taking always, i.e. also at non-

equilibrium prices; but this is rejected e.g. by Arrow (1959) or Mas-Colell et al.
http://en.wikipedia.org/wiki/Robert_Aumannhttp://en.wikipedia.org/wiki/Arbitragehttp://en.wikipedia.org/wiki/Walrasian_auctioneerhttp://en.wikipedia.org/wiki/Walrasian_auctioneerhttp://en.wikipedia.org/wiki/Arbitragehttp://en.wikipedia.org/wiki/Robert_Aumann


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Steve Keen notes, following George Stigler, that if firms do not react strategically to one

another, the slope of the demand curve that a firm faces is the same as the slope of the

market demand curve. Hence, if firms are to produce at a level that equates marginal cost

and marginal revenue, the model of perfect competition must include at least an infinite

number of firms, each producing an output quantity of zero. As noted above, an

influential model of perfect competition in neoclassical economics assumes that the

number of buyers and sellers are both of the power of the continuum, that is, infinity even

larger than the number ofnatural numbers. K. Vela Velupillai quotes Maury Osborne as

noting the inapplicability of such models to actual economies since money and the

commodities sold each have a smallest positive unit.

Thus nowadays the dominant intuitive idea of the conditions justifying price taking andthus rendering a market perfectly competitive is an amalgam of several different notions,

not all present, nor given equal weight, in all treatments. Besides product homogeneity

and absence of collusion, the notion more generally associated with perfect competition

is the negligibility of the size of agents, which makes them believe that they can sell as

much of the good as they wish at the equilibrium price but nothing at a higher price (in

particular, firms are described as each one of them facing a horizontal demand curve).

However, also widely accepted as part of the notion of perfectly competitive market are

perfect information about price distribution and very quick adjustments (whose joint

operation establish the law of one price), to the point sometimes of identifying perfect

competition with an essentially instantaneous reaching of equilibrium between supply

and demand. Finally, the idea of free entry with free access to technology is also often

listed as a characteristic of perfectly competitive markets, probably owing to a difficulty

with abandoning completely the older conception of free competition. In recent decades it

has been rediscovered that free entry can be a foundation of absence of market power,

alternative to negligibility of agents.

Free entry also makes it easier to justify the absence of collusion: any collusion by

existing firms can be undermined by entry of new firms. The necessarily long-period

nature of the analysis (entry requires time!) also allows a reconciliation of the horizontal

demand curve facing each firm according to the theory, with the feeling of businessmen

that "contrary to economic theory, sales are by no means unlimited at the current marketprice" (Arrow 1959 p. 49). Sraffian economists see the assumption of free entry and exit
http://en.wikipedia.org/wiki/Steve_Keenhttp://en.wikipedia.org/wiki/Neoclassical_economicshttp://en.wikipedia.org/wiki/Natural_numbershttp://en.wikipedia.org/wiki/Vela_Velupillaihttp://en.wikipedia.org/wiki/Law_of_one_pricehttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Piero_Sraffahttp://en.wikipedia.org/wiki/Piero_Sraffahttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Law_of_one_pricehttp://en.wikipedia.org/wiki/Vela_Velupillaihttp://en.wikipedia.org/wiki/Natural_numbershttp://en.wikipedia.org/wiki/Neoclassical_economicshttp://en.wikipedia.org/wiki/Steve_Keen


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as characteristic of the theory of free competition in Classical economics, an approach

that is not expressed in terms of schedules of supply and demand.
http://en.wikipedia.org/wiki/Classical_economicshttp://en.wikipedia.org/wiki/Classical_economics


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Results

In the short-run, it is possible for an individual firm to make an economic profit. This situation is

shown in this diagram, as the price or average revenue, denoted by P, is above the average cost

denoted by C.

However, in the long period, economic profit cannot be sustained. The arrival of new firms or

expansion of existing firms (if returns to scale are constant) in the market causes the

(horizontal) demand curve of each individual firm to shift downward, bringing down at the

same time the price, the average revenue and marginal revenue curve. The final outcome is

that, in the long run, the firm will make only normal profit (zero economic profit). Its

horizontal demand curve will touch its average total cost curve at its lowest point. (Seecost

curve.)

In a perfectly competitive market, a firm's demand curve is perfectly elastic.
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As mentioned above, the perfect competition model, if interpreted as applying also to

short-period or very-short-period behaviour, is approximated only by markets of

homogeneous products produced and purchased by very many sellers and buyers, usually

organized markets for agricultural products or raw materials. In real-world markets,

assumptions such as perfect information cannot be verified and are only approximated in

organized double-auction markets where most agents wait and observe the behaviour of

prices before deciding to exchange (but in the long-period interpretation perfect

information is not necessary, the analysis only aims at determining the average around

which market prices gravitate, and for gravitation to operate one does not need perfect

information).

In the absence of externalities and public goods, perfectly competitive equilibria arePareto-efficient, i.e. no improvement in the utility of a consumer is possible without a

worsening of the utility of some other consumer. This is called the First Theorem of

Welfare Economics. The basic reason is that no productive factor with a non-zero

marginal product is left unutilized, and the units of each factor are so allocated as to yield

the same indirect marginal utility in all uses, a basic efficiency condition (if this indirect

marginal utility were higher in one use than in other ones, a Pareto improvement could be

achieved by transferring a small amount of the factor to the use where it yields a higher

marginal utility).

Equilibrium in perfect competition is that point where market demands will equal to market

supply. Firm's price will be determined at this point. In short run, equilibrium will be affected

from demand. In long run, both demand and supply of product will affect the equilibrium in

perfect competition. Firm will receive only normal profit in long run at the equilibrium point
http://en.wikipedia.org/wiki/General_equilibrium_theory#First_Fundamental_Theorem_of_Welfare_Economicshttp://en.wikipedia.org/wiki/General_equilibrium_theory#First_Fundamental_Theorem_of_Welfare_Economicshttp://en.wikipedia.org/wiki/General_equilibrium_theory#First_Fundamental_Theorem_of_Welfare_Economicshttp://en.wikipedia.org/wiki/General_equilibrium_theory#First_Fundamental_Theorem_of_Welfare_Economics


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Perfect Competition - the economics of competitive markets

Introduction

The degree to which a market or industry can be described as competitive depends in part on

how many suppliers are seeking the demand of consumers and the ease with which new

businesses can enter and exit a particular market in the long run.

The spectrum of competition ranges from highly competitive markets where there are manysellers, each of whom has little or no control over the market price - to a situation of pure

monopoly where a market or an industry is dominated by one single supplier who enjoys

considerable discretion in setting prices, unless subject to some form of direct regulation by

the government.

In many sectors of the economy markets are best described by the term oligopoly - where a

few producers dominate the majority of the market and the industry is highly concentrated. In

a duopoly two firms dominate the market although there may be many smaller players in the

industry.

Competitive markets operate on the basis of a number of assumptions. When these

assumptions are dropped - we move into the world of imperfect competition. These

assumptions are discussed below

Assumptions behind a Perfectly Competitive Market

1. Many suppliers each with an insignificant share of the market this means that each firm

is too small relative to the overall market to affect price via a change in its own supply each

individual firm is assumed to be a price taker

2. An identical output produced by each firmin other words, the market supplieshomogeneous or standardised products that are perfect substitutes for each other. Consumers

perceive the products to be identical

3. Consumers have perfect information about the prices all sellers in the market charge so if

some firms decide to charge a price higher than the ruling market price, there will be a large

substitution effect away from this firm

4. All firms (industry participants and new entrants) are assumed to have equal access to

resources (technology, other factor inputs) and improvements in production technologies

achieved by one firm can spill-over to all the other suppliers in the market


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5. There are assumed to be no barriers to entry & exit of firms in long runwhich means that

the market is open to competition from new suppliersthis affects the long run profits made

by each firm in the industry. The long run equilibrium for a perfectly competitive market

occurs when the marginal firm makes normal profit only in the long term

6. No externalities in production and consumption so that there is no divergence between

private and social costs and benefits

Short Run Price and Output for the Competitive Industry and Firm

In the short run the equilibrium market price is determined by the interaction between market

demand and market supply. In the diagram shown above, price P1 is the market-clearing

price and this price is then taken by each of the firms. Because the market price is constant

for each unit sold, the AR curve also becomes the Marginal Revenue curve (MR). A firm

maximises profits when marginal revenue = marginal cost. In the diagram above, the profit-

maximising output is Q1. The firm sells Q1 at price P1. The area shaded is the economic(supernormal profit) made in the short run because the ruling market price P1 is greater than

average total cost.

Not all firms make supernormal profits in the short run. Their profits depend on the position

of their short run cost curves. Some firms may be experiencing sub-normal profits because

their average total costs exceed the current market price. Other firms may be making normal

profits where total revenue equals total cost (i.e. they are at the break-even output). In the

diagram below, the firm shown has high short run costs such that the ruling market price is

below the average total cost curve. At the profit maximising level of output, the firm is

making an economic loss (or sub-normal profits)


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The Effects of a change in Market Demand

In the diagram below there has been an increase in market demand (ceteris paribus). This

causes an increase in market price and quantity traded. The firm's average revenue curve

shifts up to AR2 (=MR2) and the profit maximizing output expands to Q2. Notice that the

MC curve is the firm's supply curve. Higher prices cause an expansion along the supply

curve. Following the increase in demand, total profits have increased. An inward shift in

market demand would have the opposite effect. Think also about the effect of a change in

market supply - perhaps arising from a cost-reducing technological innovation available to all

firms in a competitive market.

We now consider the adjustment process of a perfectly competitive industry towards the longrun equilibrium.
http://tutor2u.net/economics/content/topics/competition/long-run_output.htmhttp://tutor2u.net/economics/content/topics/competition/long-run_output.htmhttp://tutor2u.net/economics/content/topics/competition/long-run_output.htmhttp://tutor2u.net/economics/content/topics/competition/long-run_output.htm


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The Usefulness

Price

There is a lot of competition faced by the firms in a perfect competition. Hence the consumer

would prefer the seller who sells at the least price. Thus the consumers benefit in a perfectly

competitive market.

Quality

Under the system of perfect competition, the general efficiency of production is very high

because inefficient producer who fail compete with others, leave the industry.

Competition provides the most congenial atmosphere for scientific invention and

technological progress. Inventions and innovations leads to economic development.

Wide choices

Since every commodity is produced by a large number of producers in case of perfect

competition consumers do not feel the scarcity of essential goods. The mobility of the factors

of production enables them to get best rewards.

Shut-down Point

It is of utmost importance to decide whether one should continue business or not when the

firm is not in a position to cover the cost.

To explain this problem a distinction is made between variable cost and fixed cost. Variable

cost is avoidable cost by not producing the goods and services. Fixed cost is unavoidable

since it has to be borne in the short-run even if the plant remains closed. A firm has to cover

what is avoidable otherwise there is no reason why the entrepreneur should suffer the loss.

The principle derived here is that for a firm to operate in the short-run its total revenue (TR)

must be equal to its variable cost (TVC) if not, the firm should close down. The shut down

point is the one below which the firm would not operate and would start functioning at that

point. In the long-run it must be noted that all costs are variable, therefore a firm must cover

all the cost and earn normal profit.


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Normal profits

When there is high amount of profit in the market, new firms are attracted and hence reduce

the profit of the existing firms to a normal level. Also, when there is more than normal loss in

the market, the existing firms who have suffered losses leave the industry hence stabilizing

the market with normal levels of profit.

No Entry Barriers

Perfect competition is a highly efficient form of market. To ensure efficiency through

competition, anyone who wishes to carry on the business must be allowed to do so. Similarly

one who feels that he cannot compete and therefore wants to quit must have the freedom to

exit.


19/19

Bibliography

Microeconomics . ..By V.K Ohri Economics and Economic TheoriesBy Salim Siddiqui Modern Economics By H.L Ahuja

usefulness of perfect competition

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