Suppose that an industry is characterized as follows: C = 100 + 2q2     each firm’s total cost function MC = 4q             firm’s marginal cost function P = 90 – 2Q        industry demand curve MR = 90 – 4Q     industry marginal

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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.