Introduction to Competitive Markets

By Jodi Beggs, About.com Guide

When economists describe the supply and demand model in introductory economics courses, what they often don't make explicit is the fact that the supply curve implicitly represents quantity supplied in a competitive market. Therefore, it's important to understand precisely what a competitive market is.

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• Introduction to Competitive Markets
• The Features of Competitive Markets
• The Features of Competitive Markets
• The Features of Competitive Markets
• Individual Firms and Consumers Have No Market Power in Competitive Markets
• Individual Firms and Consumers Have No Market Power in Competitive Markets
• Individual Firms and Consumers Are "Price Takers" in Competitive Markets
• Individual Firms and Consumers Are "Price Takers" in Competitive Markets
• The Importance of the Features of Competitive Markets

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