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	Perfect competition Information competition market model
	... Markets have different structures and models, all function under the view of competition. Competition in economic terms is understood to be the situation in market where the monopoly power is absent or very limited an no power is influencing product price or quality. hence a competitive market is the one in which none of the participants possess market power. A competitive market achieves efficiency in the allocation of scarce resources if there are not other marekt failures present. Perfect Competition - Neo-classical model: The main features of the "perfect competition" model are: - The role player is the "market" itself and not the firms. Approximate Word count = 410 Approximate Pages = 1.6 (250 words per page double spaced)

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