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Essay / Research Paper Abstract
This 7 page paper is written in two parts. The first part looks at the concept of perfect competition, also referred to a pure competition, defines what it is and the market conditions needed for it to emerge, the way a firm will determine the quantity to supply and what is meant by the term 'normal profit'. The second part of the paper looks at unemployment, how it is defined, the different types of unemployment that exist and some policies that might help to reduce unemployment. The bibliography cites 2 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEecemploy.rtf
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Unformatted sample text from the term paper:
perfect competition is. Perfect competition, or pure competition, may be seen as the opposite of a monopoly. Perfect competition may be defined as an industry where all firms are able
to compete on a completely level basis; the products are all comparable, none have an advantage, consumers have full access to information to make a purchase decision and firms are
free to enter and leave the market as they see fit. Pure competition is seen as the best state of many industries
for the consumer as it often results in the lowest prices. It is also worth remembering that this is a model as pure competition is unlikely due to the way
in which it operates. In a situation of pure competition the only determining feature in the setting of price and supply will be the basic model of supply and demand
(Nellis and Parker, 2006). In order for this model to work and that is the need for perfect information on both sides. The supply and demand will also be enhanced
the absence of asymmetry of information, with details of the products or services freely available to all who want them, so they can make judgements regarding what purchases to make
in a more informed manner. The products or service will usually be directly comparable so like can be compared with like, and
there will be no, or very low, barriers to entry or exit as a limiting factor of the industry, therefore there are no external influences such as regulation or price
controls. However, where there are lower profits and the need for investment such as research and development, pure competition may also reduce the ability to carry out these functions
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