Thursday 22 November 2012

Market Structure: Perfect Competition

Perfect Competition occurs when there are many sellers and buyers in the market. New firms in the perfect competition are able to enter the existing industry easily whereas old or existing firms are also able to exit or leave the industry easily. There are no barriers to entry into the industry. The perfectly competitive firms tend to produce and sell  identical or undifferentiated goods and services to the consumers. The firms and consumers are well informed about the prices of the goods, quality of the goods and the skills required to produce the goods. Existing firms are unable to control new firms in perfect competition. A firm in perfect competition cannot control and influence the changes in selling price of the goods , instead it must accept and take the equilibrium market price. Hence, the firms in perfect competition are also called as price takers. The demand for perfectly competitive firm’s output is perfectly elastic because each firm’s output is a perfect substitute for the other firm’s output.

A firm in perfect competition can affect the economics in many ways. There are many examples of firms in perfect competition industry. One of them is the automobile industry. They have major impact on the economy because of their large production of automobile every year that has contributed to rapid economic growth. Besides, automobile industry has provided many career opportunities to the people. This is because the automobile manufacturing factory requires a huge number of workers to do factory work. An example of the automobile company is Toyota Motor Corporation. They have introduced hybrid cars such as Toyota Prius and Toyota Prius C that uses green technology to reduce environmental pollution. This has successfully attracted many customers who love and want to preserve their environment.






In a nutshell, our economy is greatly influenced by the automobile industry. It is growing very rapidly in our modern era of technology.


References:


Prepared by: Ngen Chang Wang
Student ID: 0311885



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  64. เว็บพนันออนไลน์ที่นิยมที่สุด มาตรฐานระดับสากล บริการตลอด 24 ชม.>>> UFABET ทางเข้า >> แทงบาคาร่า >> แทงบอลสเต็ป

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  65. วิธีการสมัครบาคาร่าออนไลน์มาเป็นส่วนช่วยในการลงทุน มีความสนใจในการลงทุน ศึกษาข้อมูลการเล่นเกม
    การนำเสนอข้อมูลมาเป็นส่วนช่วยในการลงทุน ศึกษาข้อมูลมาเป็นส่วนช่วยในการลงทุนในการบริการ แจ้งหัวหน้าในการลงทุนและใช้บริการ การลงทุนของเราจะเป็นอย่างไรก็สามารถศึกษาข้อมูล ดูข้อมูลมาเป็นส่วนช่วยในการใช้บริการ 3 ขั้นตอนในการลงทุนและใช้บริการ หาข้อมูลมาเป็นส่วนช่วยในการลงทุนและใช้งาน เทคนิคการเล่น บาคาร่า ศึกษาข้อมูลมาเป็นส่วนช่วยในการใช้ในการ เรียนรู้ข้อมูลมาเป็นส่วนช่วยในการใช้บริการได้เลย สำหรับการสมัครบาคาร่าออนไลน์ในการลงทุน หาข้อมูลในส่วนช่วยในการใช้บริการในการลงทุน สมัครสมาชิกเว็บไซต์ ข้อมูลมาเป็นส่วนช่วยในการลงทุนควรดูข้อมูลในการลงทุน มีความสนใจสามารถสมัครสมาชิกในการลงทุน เกี่ยวกับการเล่นเกมบาคาร่าออนไลน์ต่างๆ
    คลิก UFABET ทางเข้า
    แทงบาคาร่า
    แทงบอลสเต็ป

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