Transcript LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY Two Resource Markets 9-1 HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY.

LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
Two Resource Markets
9-1
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
Conditions Necessary for Perfect
Competition in a Market
1. A large number of buyers and sellers.
2. Resources or products offered by all sellers are
identical (i.e., they are perfect substitutes).
3. No barriers to enter or exit the market; sellers
can freely enter or leave.
9-2
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY
LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY
Perfect Competition versus
Monopoly
9-3
HIGH SCHOOL ECONOMICS 3RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY