Assume as a starting point a single firm with constant marginal costs of £8 which monopolizes a market with demand Q = 100-2P (Q = Quantity, P = Price). Now presume that the firm is reducing the monopoly price by £10. How large is the DWL (Dead Weight = Efficiency Loss)?

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.