Year 13 Perfect Competition

Some useful Tutor2u videos to get your head around perfect competition in the short run and long run. It is important that you familiarise yourself with the conditions behind perfect competition and the notion of normal and abnormal profit. Try to relate perfect competition to existing markets.

https://www.youtube.com/watch?v=CC3ck5B-L-s  = Short run

https://www.youtube.com/watch?v=OLaqDnx5tws = Long run

Ebay is cited as an example of a market close to perfect competition, but how close is it? Read this excellent article by Tejvan Pettinger to get you exam prepared and consider EBay's competitors.

http://www.economicshelp.org/blog/2379/economics/ebay-and-perfect-competition/

Paj as always has a lovely short video explaining Perfect Competition here:

https://www.youtube.com/watch?v=7lhX78vlHSY

Exam Tip - always try to show the two diagrams market (industry) and firm alongside each other.