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Summary AQA A-Level Economics: 4.1.5.3 Perfect competition

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From the AQA A Level Economics specification: • The formal diagrammatic analysis of the perfectly competitive model in the short and long run. • The implications of the following for the behaviour of firms and the industry: large numbers of producers, identical products, freedom of entry and exit, and perfect knowledge. • Firms operating in perfectly competitive markets are price takers. • The proposition that, given certain assumptions, relating for example to a lack of externalities, perfect competition will result in an efficient allocation of resources.

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Institution
AQA
Module
4.1.5 Market Structures

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4.1.5.3 Perfect competition

Features of perfect competition:

• Many small buyers and sellers – lots of competition

• No barriers to entry or exit – easy to enter/ exit market

• Homogeneous products – same products

• Perfect information -



Perfectly elastic demand means consumers are extremely responsive to price changes! If a firm puts
their price up by a small amount, their consumers will stop buying from them completely because
they’re so sensitive to price changes. They’ll immediately switch to another seller in the market.




Short run:
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Connected book

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Cgp Books New A-Level Economics
  • september 2015
  • 9781782943471
  • 1

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Study Level
A/AS Level
Examinator
AQA
Subject
Economics
Unit
4.1.5 Market Structures

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Summarized whole book?
No
Which chapters are summarized?
Chapters covering market structures
Uploaded on
July 29, 2022
Number of pages
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Written in
2021/2022
Type
SUMMARY

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Revision notes from an A* A Level student, made over the course of two years (2020-2022) for exams in 2022. Summaries and notes have been made in depth and thoroughly so that you can spend more time revising rather than making revision notes. Hope they can help with your revision and exams. A Level subjects studied: Maths - Edexcel Politics - Edexcel Paper 1 - UK Politics Paper 2 - UK Government Paper 3 - US Government and Politics Economics - AQA

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