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...These notes essentially correspond to chapter of the text perfectly competitive markets rst market structure that we will discuss is perfect competition also called price taker i use terms interchangeably throughout study this theoretical for two main reasons first there are actual meet assumptions listed below necessary apply many agricultural and retailing industries as well stock exchanges second can be used a benchmark model desirable properties compare discussed in with monopoly after have completed wewill list order consumers believe all rms produce identical products firms enter exit freely no barriers entry information on prices exists know being charged by each rm knowledge common large numbers buyers sellers so buyer seller small relative opportunity normal prots or zero economic prot long run equilibrium if met note textbooks di er both number precise wording but underlying idea same across then face elastic demand curve recall horizontal line like return shortly maximizatio...