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by j_w
61 days ago
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There is no such thing as a perfectly competitive market. I don't understand why people on HN are obsessed with this term. It strictly cannot exist in the real world. A perfectly competitive market requires the following (this is not everything, just some): - Supply perfectly meets demand (yep already wrong here) - Marginal costs equal to average revenue (this means there should be effectively 0 profit for the seller) - Zero transaction costs - Zero externalities (can't exist) |
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