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

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

LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY 9-2 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY 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.

LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY 9-3 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Perfect Competition versus Monopoly

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