Perfect Competition



This chapter will contain a more detailed assessment of the model of perfect competition. We shall start by considering the necessary (and sufficient) assumptions of the model, some of which are usually explicit while others are only implicit. We shall then proceed to appraise the model under three headings: the realism of its assumptions; its logical structure; and the verification of its predictions.


Production Possibility Imperfect Competition Perfect Knowledge Perfect Competition Future Yield 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. 1.
    The classic exposition of this model is that of Leon Walras in his Elements of Pure Economics, English translation by William Jaffé (George Allen & Unwin, 1954).Google Scholar
  2. 2.
    Best explained in K. J. Arrow and F. H. Hahn, General Competitive Analysis (Holden-Day and Oliver and Boyd, 1971).Google Scholar

Copyright information

© Harold Lydall 1992

Authors and Affiliations

There are no affiliations available

Personalised recommendations