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...Ocr economics a level microeconomics topic market structures perfect competition notes https bit ly pmt edu cc this work by education is licensed under nc nd characteristics of perfectly competitive has the following many buyers and sellers are price takers free entry to exit from knowledge homogeneous goods firms short run profit maximisers factors production mobile in determined interaction demand supply profits likely be lower than with only few large because each firm very small share therefore their power if make new will enter due low barriers seems profitable increase which lowers average means that existing competed away maximising equilibrium long can supernormal where normal made diagram below shows for taker it accepts industry p produces an output q yellow shaded rectangle area earned assumed have incentive since there no able causes as shown shift curve s falls consequence they must accept pressure ensures established been so at mc produce advantages disadvantages dynamic ...