Chapter One

Perfectly Competitive Market Structure

What Is a Market?
A market is a place where two parties can gather to facilitate the exchange of goods and services.
The parties involved are usually buyers and sellers. The market may be physical like a retail
outlet, where people meet face-to-face, or virtual like an online market, where there is no direct
physical contact between buyers and sellers.

Types of Market

There are two main types of market, physical market and digital market.

Physical market is a set up where buyers can physically meet their sellers and purchase the
desired merchandise from them in exchange of money. In physical marketing, marketers will
effortlessly reach their target local customers and thus they have more personal approach to show
about their brands. The choice of the marketing mainly depends on the nature of the products and
services.
Digital marketing is the marketing of products or services using digital technologies, mainly on
the internet but also including mobile phones, display advertising, and any other digital media.
Digital marketing channels are systems on the internet that can create, accelerate and transmit
product value from producer to the terminal consumer by digital networks.

What is Market Structure?

Market structure refers to the nature and degree of competition prevails within a
particular market.

Types of market Structure

There are four types of market Structure

 Perfectly Competitive market structure

 Monopoly market structure
 Monopolistic Competitive market structure
 Oligopoly market structure: Clearly, the nature and degree of
competition vary in these markets.

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 1. What Is Perfect Competition Market?
Perfectly competitive market or perfect compaction is market structure is a type of market
structure in which there are a large number of buyers and sellers in the market and they sell
homogenous product. Under this market individuals decision cannot influence the price of a
commodity. Under this market Price is determined by the industry.

1.1 Assumptions/Features / of Perfect Competition Market

There are different assumptions of perfectly competitive market.

1. Large number of buyers and sellers in the market: under perfect competition
the number of sellers is assumed to be too large that the share of each seller in the total
supply of a product is very small. Therefore, no single seller can influence the market
price by changing the quantity supply. Similarly, the number of buyers is so large that the
share of each buyer in the total demand is very small and that no single buyer or a group
of buyers can influence the market price by changing their individual or group demand
for a product. Therefore, in such a market structure, sellers and buyers are not price
makers rather they are price takers, i.e., the price is determined by the interaction of the
market supply and demand forces, because of the above two assumptions,

individual firms in pure competition is a price-taker

2. All firms sell an identical product (the product is a"homogeneous):
homogeneity of the product implies that buyers do not distinguish between products
supplied by the various firms of an industry. Product of each firm is regarded as a perfect
substitute for the products of other firms. Therefore, no firm can gain any competitive
advantage over the other firm.
3. Perfect mobility of factors of production: factors of production are free to move from
one firm to another throughout the economy. This means that labour can move from one
job to another and from one region to another. Capital, raw materials, and other factors
are not monopolized.
4. Free entry and exit of firms in the market: there is no restriction or market barrier on
entry of new firms to the industry, and no restriction on exit of firms from the industry. A
firm may enter the industry or quit it on its accord.

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 5. Firm’s faces perfectly elastic/horizontal demand curve and industry faces down
ward demand curve /: This implying that the firm can sell any amount of output at the
prevailing market price, P*.

Figure 1.1 Individual and Market demand curve

Whether an industry is perfectly competitive depends on the demand curve facing the
individual firms. If the demand curve is down ward sloping, then the firm can change price
by changing its output and the industry is not perfectly competitive ( the firm is not a price –
taker (

6.Perfect knowledge about market conditions/ buyers have complete or "perfect"

information about price of product -in the past, present and future, all the buyers
and sellers have full information regarding the prevailing and future prices and availability of the
commodity

7. No government interference:- government does not interfere in any way with the functioning
of the market. There are no discriminator taxes or subsidies, no allocation of inputs by the
procurement, or any kind of direct or indirect control. That is, the government follows the free
enterprise policy. Where there is intervention by the government, it is intended to correct the
market imperfection.

8. Absence of transport cost

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9. The goal of the firm is profit maximization.

Review of Some Basic Concepts:

The Firm’s Demand Curve:

Under perfect competition a firm is a price taker and faces a perfectly elastic demand curve
(see assumption (iii) above). Thus, the graphical presentation of the firm’s demand curve is
horizontal straight line drawn at the going market price. This implies that the firm can sell any
quantity it wishes at the market price P*. If the firm raises its price above P* its sales will fall to
zero since all the customers realize that they can buy the same/identical product elsewhere at the
price P*. In other words, the demand curve is perfectly elastic at the going market price P*.

1. The firm’s Average and Marginal Revenue Curve:

A perfectly elastic demand curve has an important characteristic: the average revenue (AR) from
the sale of every unit will be equal to the marginal revenue (MR) from the sale of an extra unit.
AR is another term for the price at which the firm sells its product. It is given by total revenue
divided by the total quantity sold; i.e. AR = TR/Q. MR is the change in total revenue resulting
from the sale of an additional unit of the product. That is, MR = dTR/dQ. Since the firm can sell
as much or as little as it wants at the going price, MR must be equal to AR. This can be shown as
below.

AR (or Demand): P = f(Q); & and hence total revenue (R) is the
product of price & quantity sold; that is,

P R = P*Q. Therefore:

 AR = R/Q = P*Q/Q = P; and

P* AR=MR  MR = dTR/dQ = d(P*Q)/dQ = P[dQ/dQ] = P. Thus, AR, P and
MR are all the same in perfect competition since demand is
Q
0 perfectly elastic (or price is fixed).

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 1.2 Short-run Equilibrium of the Firm and Industry

A. Short runs equilibrium of the Form

The main objective of a firm is profit maximization .If the firm has to incur a loss, it aims to
minimize the loss .Profit is difference between total revenue and total cost .

Total Revenue (TR):it is the total amount money a firm receives from a given quantity
of its product sold .It is obtained by multiplying the unit of price of the commodity and the
quantity of that product sold

Total Revenue = Quantity Sold x Price

TR = PQ where P= Price of the product
Q=Quantity of the product

Average Revenue: it is the revenue per unit of item sold. It is calculated by dividing the
total revenue by the amount of the product

AR =TR/Q=PQ/Q =AR=P

There for, the firm‘s demand curve is also the average revenue curve

Marginal Revenue (MR); it is the additional amount of money/revenue the firm received
by selling one more unit of the product. In other words it is the change of in total revenue
resulting from the sale of extra unit of the product .It is calculated as the ratio of the change
in total revenue to the change in the sale of the product .

MR= ∆TR/∆Q =∆(PQ)/∆Q =P∆Q/∆Q(because P is constant) MR=P Thus, in a perfectly

competitive market , a firm’s average revenue , marginal revenue and Price of the product are
equal, i.e AR=MR=Df=P

Total cost is the monetary value of all inputs used in the production of goods and services.
Total cost is per unit cost time‘s quantity of output .That is ,TC=ACXQ or TC=TFC+TVC

Total profit (π) is the difference between total sales revenue and total cost Profit (π)= total
revenue (TR)- total cost (TC), Π =(ARXQ)-(ACXQ). There are two ways to determine the level
of output at which competitive firm will realize maximum profit or minimum loss.
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There are two ways to determine the level of output at which competitive firm will realize
maximum profit or minimum loss. One method is to compare total revenue and total cost, the
other is to compare marginal revenue and marginal cost.

(i) Total revenue – Total cost Approach

Confronted with the market price of its product, the competitive producer is faced
with three related questions
 Should we produce
 If so, what amount?
 What profit or less will be realized
The firm is in equilibrium (maximizes profit when the difference between total revenue (TR)
and total cost (TC) is greatest. The total revenue curve is a straight line through the origin,
showing that price is constant at all level of outputs (see figure below). The slope of revenue
curve is also called marginal revenue (dTR/dQ). It is constant and equal to the prevailing market
price. Note that the firm maximizes its profit at the output level where the distance between
revenue and cost curve is the greatest. To the left of point ‘a’ and to the right of point ‘b’ there is
a loss because total cost exceeds total revenue.

P
T
TR
Maximu
m Profit b

a
C

Qe Q

Figure 1.2 Short run Profit Maximization (total revenue total- cost approach)
The competitive firm maximizes its profit at Qe, where the distance between the TR and TC
curve is the greatest. The equilibrium of the competitive firm occurs when the positive
difference between total revenue and total cost is greatest.

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Numerical illustration: Consider the following cost schedule of a certain competitive firm where
market price is given at birr 20. Determine the level of output that maximizes profit and the
maximum profit.
MC TR MR Unit  Total 
Q TFC TVC TC ∆TC/∆Q P*Q ∆TR/∆Q P-AC TR-TC
0 30 0 30 -- 0 -- 0.00 -30
1 30 10 40 10 20 20 20.0 -20
2 30 15 45 5 40 20 -2.5 -5
3 30 21 51 6 60 20 3.00 9
4 30 29 59 8 80 20 5.25 21
5 30 40 70 11 100 20 6.00 30
6 30 54 84 14 120 20 6.00 36
7 30 74 104 20 140 20 5.43 36
8 30 95 125 23 160 20 4.38 35
9 30 124 154 27 180 20 2.89 26
10 30 160 190 36 200 20 1.00 10
Profit maximizing level of output would be 7 units (not 6 units) because more output is
preferred. Thus, maximum profit equals 36 birr.
(ii). Marginal Revenue -Marginal Cost Approach
The total revenue-total cost approach can only indicate the level of profit or loss but it doesn’t
help for analytical interpretation of business behavior. So the marginal approach is used for
further analysis. In this case, the firm’s equilibrium occurs at the level of output defined by the
intersection of marginal cost (MC) and marginal revenue (MR) curves (see point e in figure
below).
If MR exceeds MC, profit has to been maximized and it pays the firm to expand its output. If
MR is less than MC, the level of profit will be reduced and hence it pays the firm to cut its
production. Thus, it follows that short-run equilibrium occurs when MC equals MR. Thus, the
first condition for profit maximization is that MC is equal to MR; and the second (or sufficient)
condition for equilibrium requires that MC curve must cut MR curve from below (i.e. the slope
of MC should be greater than the slope of MR).

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In short, at equilibrium (maximum profit) the following conditions must be satisfied:
1. MR = MC; and
2. The slope of MC is greater than slope of MR, or MC is rising). (That is slope of MC is than
zero.

Mathematically, π =TR=TC

Π is maximized when =0

That is, = - =0

MR = MC……………………………………First Order Condition (FOC)

, < 0………………………………………… The Second order condition of profit

maximization

That is , = <0

The Slope of MC and = the slope of MR

Therefore, Slope of MC > Slope of MR…………………..Second order condition (SOC)

Slope of MC > 0 (because the slope of is zero )

Graphically, the marginal approach can be shown as follows

MC
C E
P* MR=AR
B
A
Excess

0 Qe Q

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Figure 1.3Marginal revenue–Marginal Cost Approach of Profit Maximization
The profit maximizing output is Qe , where MC=MR and MC curve is increasing .At point C,
MR=MC ,but since MC is falling at this point level , it is not equilibrium output.

Three cases;
 If MR> MC, total profit has not been maximized and it pays the firm to expand its output.
At this condition, total revenue increment(TR) is faster than total cost increment (MC)
and if output is increased, profit would increase , too. So, it is advisable to expand
output and sales in order to maximize profit.
 If MR<MC, the level of total profit is being reduced and it pays the firm to cut its
production. Under this condition , an increase in output would cause an incremental
Cost (MC) greater than incremental revenue (MR)and hence, a profit maximizing
competitive firm should curtail production and sales .
 If MR=MC, short run profits are maximized. The equilibrium of the firm will, therefore,
take place when MR=MC at which profits are maximized .Note that total profit is equal
to total revenue – total cost. The fact that a firm is in short-run equilibrium doesn’t
necessarily mean that it makes excess profits. Whether the firm makes excess profits or
loses depends on the level of the average cost at short-run equilibrium. If the average
cost is below the price (or AR) at equilibrium, the firm earns excess profit equal to the
shaded are ABeP* in this figure. If AC>P, there is a loss equal to the shaded region
AP*Be. Or if at the profit maximizing equilibrium of competitive firm (MR=MC),
price (average revenue) exceeds average total cost , the competitive firm realizes
abnormal or super normal profit .This profit is also called excess profit or positive
profit .Note that the competitive firm can earn excess ( abnormal profit only in short
run .Thus depending on the relationship between price and ATC, the firm in the short
run may earn economic profit, normal profit or incur loss and decide to shut down
business .
 Economic /Positive profit/Supernormal/Abnormal profit - The firm will be earning
supernormal profits in the short-run when market price is higher than the short-run
average cost or If the AC is below the market price at equilibrium , the firm earns

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 positive profit equal to the area between the ATC curve and price lineup to the profit
maximizing output .

SMC
SAC
D e
P* MR=AR
D B
A

0 Qe Q

Figure 1.4 Economic profit of a firm

Loss – If AC is above the market price at equilibrium , the firm earns a negative profit
(Incurs a loss ) equal to area between the AC curve and the price line.

SAC
SMC

D e
LOSSC B MR=AR
P*

0 Qe Q

Figure 1.5 A firm Incurring A loss

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Normal Profit ( Zero profit ) or break- even point – If the AC is equal to the market price at
equilibrium , the firm gets zero profit or normal profit .

SMC
SAC

P* MR=AR
C B
A

0 Qe
Q

Figure 1.6 A firm earning a normal profit

If P(AR) = ATC , the competitive firm is at break- even point .Here , the firm earns only
normal profit ( zero profit ).Normal profit is the amount of profit which is equal to form’s
opportunity cost of staying in the industry and it is the return the firm must earn so as to
carry on production .It is the maximum earning that would be necessary to prevent an
entrepreneurs from applying his talent and factors of production elsewhere .
Shut down Operation
If P(AR)<AVC, the competitive firm shuts down operation .The point at which the firm
covers its variable costs is called the closing down pint .In the figure 1.7 below, the closing
down point of the firm is denoted by point e. if price falls below pe The firm does not
cover its variable costs and is better off is closes down .Note that P<AVC does not mean that
the firm will exit the industry .it only means a temporary halt in production.

SMC
ATC SAC
AVC
C D e
P* MR=AR
B
A

0 Qe Q

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Figure 1.7 Competitive Firm’s Closing Down decision (where P<AVC)
According to the closing down decision of the competitive firm , the firm should produce no
output if price (AR) falls below the minimum point of AVC curve ,since at this point the
firm cannot cover its variable costs . Thus the closing down point is the level of output at
which the firm minimizes its losses by shutting operation .
In general,

If Then
P > AC Positive ( economic) profit
P < AC Normal ( zero ) profit, i.e., break-even point
P = AC Loss, or negative profit
P = AVC Loss, but the firm continues to produce
P < AVC Shut-down point

Example: Suppose that the firm operates in perfectly competitive market. The market price of its
product is $10. The firm estimates its cost of production with the following cost function: TC=
10Q-4Q2 +Q3 .Than find the following questions.
A. What level of output should the firm produce to maximize its profit?
B. Determine the level of profit.
C. What minimum price is required by the firm to stay in the market?
Solution

Given : P=$10 and TC=10Q-4Q2 +Q3

A. The profit maximizing level of output is that level of output which satisfies the
following conditions
MR= MC and
MC is rising, thus we have to find MC and MR
MR in perfectly competitive market is equal to the market price. Hence, MR=10

Alternatively, MR = Where TR= P.Q= 10Q Thus, MR = =10

MC= =10-8+3Q2

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 To determine equilibrium output just equate MR and MC
And then solve Q
10-8Q+3Q2 =10
-8Q+3Q2 =0
Q (-8+3Q)=0
Q =0 or =8/3
New we have obtained two different output levels which satisfy the first order condition
of profit maximization.
To determine which level of output maximizes profit we have to use the second order
test at the two output levels .That is ,we have to see which level satisfies the second
order condition of increasing MC .
To see this we determine the slope of MC

Slope of MC= =-8+6Q

At Q = 0, slope of MC is -8+6(0)=-8 which implies that marginal cost is decreasing at

Q=0 Thus ,Q =0 is not equilibrium output because it doesn’t satisfy the second order
condition .
At, Q = 8/3 , slope of MC is -8+6(8/3) =8 .which is positive ,implying MC is increasing
at Q =8/3
B.TR = Price * Equilibrium out put
10 *8/3 = 26.667
TC at Q= 8/3 can be substituting 8/3 for q in TC function, i.e
TC = 10(8/3)-4(8/3)2 +(8/3)3 = 17.186 Thus the equilibrium ( maximum) profit is
Π =TR – TC
26.667 -17.189 = 9.478(Profit)
C. To stay in operation the firm needs the price which equals at least the minimum AVC. Thus ,
to determine the minimum price required to stay in business ,we have to determine the

minimum AVC. AVC is minimum when derivative of AVC is equal to zero. That is =0

Given the TC function: TC =10Q-4Q2 +Q3, TVC =10Q-4Q2+Q3

AVC = =10-4Q+Q2

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 =0

-4+2Q =0
2Q/2 =4/2
Q =2 , i.e AVC is minimum when output is equal to 2 units . The minimum
AVC is obtained by substituting 2 for Q in the AVC function ,i. e Min AVC =10-4(2)+(2)2 =6
Thus , to stay in the market the firm should get a minimum price $ 6.
The Supply Curve of the Firm and the Industry:
The supply curve of the firm is usually upward sloping, indicating a direct relationship
between price and quantity supplied. This upward sloping supply curve of the firm could be
derived by the points of intersection of its MC curve with successive demand curves. As it can be
seen in figure below, at price P1 the firm reaches its equilibrium at point e1, producing and
supplying Q1 units. If market price increases to P2 (demand shifts to d2), and the firm will be in
equilibrium at point e2 producing and supplying Q2 units, and so on.

P Price
MC S
AVC
P3 e3
P1
e2
e1 P2
P1 P3

0 Q1 Q2 Q3 0 Q1 Q2 Q3
Q Q

If the price falls below P1 the firm will not supply any quantity since it doesn’t cover its variable
costs (i.e. the firm will minimize loss by shutting-down the business in which case it will only
pay TFC). Thus, if we plot the successive points of intersection of MC and demand (or AR)
curves, we will obtain the supply curve of an individual firm. It is identical to the MC curve to
the right of (or above) the shut-down point, e1.
B. Short run Equilibrium of the Industry

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Even though the individual or firm’s demand curve is perfectly elastic (horizontal, the industry
demand curve is downward-sloping. Therefore, given the market demand curve and supply
curve of the industry, the market is in equilibrium at a price which clears the market (i.e. the
price at which quantity demanded is equal to quantity supplied). See figure below for industry
equilibrium.

P P Industry Equlb.
Firm’s equlb.
S
MC

P* d P*

D
0 qe q 0 Qe Q

The firm is in equilibrium producing qe level of output at price P*. And the industry reaches
equilibrium at the same price P* but producing Qe of output.
An industry is in equilibrium in the short-run when its total output remains steady, there being no
tendency to expand or contract its output. If all firms are in equilibrium, the industry is also in
equilibrium. For full equilibrium of the industry in the short-run, all firms must be earning only
normal profits. The condition for this is SMC = MR = AR = SAC. But full equilibrium of the
industry is by sheer accident because in the short- run some firms may he earning supernormal
profits and some incurring losses. Even then, the industry is in short-run equilibrium when its
quantity demanded and quantities supplied are equal at the price which clears the market.
This is illustrated in Figure 4 where in Panel (A), the industry is in equilibrium at point E where
its demand curve D and supply curve S intersect which determine OP price at which its total
output OQ is cleared. But at the prevailing price OP, some firms are earning supernormal profits
PE1ST, as shown in Panel (B), while some other firms are incurring FGE2P losses, as shown in
Panel (C) of the figure.

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1.3 Long-Run Equilibrium of the Firm and Industry
A. Long-Run Equilibrium of the Firm
In the long-run since all inputs are variable the firm has the option of adjusting its plant size as
well as output to achieve maximum profit. Similarly, adjustment f the number of firms in the
industry in response to profit motivation is the key element in establishing long-run equilibrium.
In the long-run firms are in equilibrium when they have adjusted their plant so as to produce at
the minimum point of their LAC curve. Thus, in the long-run firms earn just normal profit (or
zero economic profit). Thus in the long-run all costs are variable and there are no fixed costs.
The firm is in the long-run equilibrium under perfect competition when it does not want to
change its equilibrium output. It is earning normal profits. If some firms are earning supernormal
profits, new firms will enter the industry and supernormal profits will be competed away. If
some firms are incurring losses, some of the firms will leave the industry till all earn normal
profits. Thus there is no tendency for firms to enter or leave the industry because every firm must
earn normal profits. “In the long-run, firms are in equilibrium when they have adjusted their
plant so as to produce at the minimum point of their long-run AC curve, which is tangent (at this
point) to the demand (AR) curve defined by the market price” so that they earn normal profits.
Assumptions:
This analysis is based on the following assumptions:
 Firms are free to enter into or leave the industry.
 All firms are of equal efficiency.
 All factors are homogenous. They can be obtained at constant and uniform prices.
SMC
 Cost curves of firms are uniform.

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  The plants of firms are equal, having given technology.
 All firms have perfect knowledge about price and output.

Given these assumptions, each firm of the industry will be in long-run equilibrium when it
fulfills the following two conditions.

(1) In equilibrium, its short-run marginal cost (SMC) must equal to its long-run marginal cost
(LMC) as well as its Short-run Average Cost (SAC) and its long-run Average Cost (LAC) and
both should equal MR=AR=P.

Thus the first equilibrium condition is:

SMC = LMC = MR = AR = P = SAC = LAC at its minimum point, and

(2) LMC curve must cut MR curve from below: Both these conditions of equilibrium are
satisfied at point E in Figure 5 where SMC and LMC curves cut from below SAC and LAC
curves at their minimum point E and SMC and LMC curves cut AR = MR curve from below. All
curves meet at this point E and the firm produces OQ optimum output and sells it at OP price.

Source: Article Shared by Natasha Kwatiah

Since we assume equal costs of all the firms of industry, all firms will be in equilibrium in the
long-run. At OP price a firm will have neither a tendency to neither leave nor enter the industry
and all firms will earn normal profits.

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 B. Long-Run Equilibrium of the Industry
The industry is in equilibrium in the long-run when all firms earn normal profits. There is no
incentive for firms to leave the industry or for new firms to enter it. With all factors
homogeneous and given their prices and the same technology, each firm and industry as a whole
are in full equilibrium where LMC = MR = AR (-P) = LAC at its minimum. Such an equilibrium
position is attained when the long-run price for the industry is determined by the equality of total
demand and supply of the industry.

Source: Article Shared by Natasha Kwatiah

The long-run equilibrium of the industry is illustrated in Figure 6 (A) where the long-run price
OP is determined by the intersection of the demand curve D and the supply curve S at point E
and the industry is producing OM output. At this price OP, the firms are in equilibrium at point
A in Panel (B) at OQ level of output where LMC = SMC = MR =P ( = AR) = SAC = LAC at its
minimum. At this level, the firms are earning normal profits and have no incentive to enter or
leave the industry. It follows that when the industry is in long-run equilibrium, each firm in the
industry is also in long-run equilibrium. If both the industry and the firms are in long-run
equilibrium, they are also in short-run equilibrium.

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 EXERCISE
1. Define market and market structure.
2. What is difference between physical market digital markets?
3. List down at least four features of perfectly competitive market structure.
4. What kind of demand firm and industry faces under perfectly competitive market? Show
graphically?
5. Define the following terms, Total revenue , total cost , marginal revenue , marginal cost ,
average revenue , average cost , profit , short run , long run economics .
Microeconomics, macroeconomics positive and normative economics give examples for
each .
6. Suppose you are the manager of a watch-making firm operating in a competitive market.
Your cost of production is given by C = 100 + Q2, where Q is the level of output and C is
total cost.
a) If the price of watches is birr 60, how many watches should you produce to maximize profit?
b) What will your profit level be?
c) What is the minimum price that enables you to stay in the watch market?

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