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Perfect Competition and Market Imperfections

In: New Perspectives on Industrial Organization

Author

Listed:
  • Victor J. Tremblay

    (Oregon State University)

  • Carol Horton Tremblay

    (Oregon State University)

Abstract

Competition is a fundamental concept in a market economy. We can think of competition as firm rivalry, where one firm battles to gain a strategic advantage over its competitors. For example, General Motors and Ford have been competing with one another for over a century to produce better cars at lower cost and to create more catchy marketing campaigns. We can also think of competition as a type of market structure. Both concepts are important in industrial organization. In later chapters, we analyze various forms of competitive behavior. In this chapter, we review the market structure of perfect competition.

Suggested Citation

  • Victor J. Tremblay & Carol Horton Tremblay, 2012. "Perfect Competition and Market Imperfections," Springer Texts in Business and Economics, in: New Perspectives on Industrial Organization, edition 127, chapter 0, pages 123-143, Springer.
    • Handle: RePEc:spr:sptchp:978-1-4614-3241-8_5
    DOI: 10.1007/978-1-4614-3241-8_5
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