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What would you call a real market that is close to perfect competition?

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What would you call a real market that is close to perfect competition?

Fuel trading a market with near-perfect competitionWhat is the difference between a free market and a perfectly competitive market?

4

$begingroup$

I want to explain perfect competition to students using a few practical examples without going into much of the theory. But I want it to be theoretically accurate and I don't want to claim that those are examples of 'perfect competition'. I am thinking about calling it 'near perfect competition', but I wonder if there is a conventional term for a market that is close to perfect competition. This wikipedia article mentions 'close-to-perfect competition' but I'm not sure if that's a conventional term.

competition terminology

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asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

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4

$begingroup$

I want to explain perfect competition to students using a few practical examples without going into much of the theory. But I want it to be theoretically accurate and I don't want to claim that those are examples of 'perfect competition'. I am thinking about calling it 'near perfect competition', but I wonder if there is a conventional term for a market that is close to perfect competition. This wikipedia article mentions 'close-to-perfect competition' but I'm not sure if that's a conventional term.

competition terminology

share|improve this question

asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

$endgroup$

add a comment | 

$begingroup$

I want to explain perfect competition to students using a few practical examples without going into much of the theory. But I want it to be theoretically accurate and I don't want to claim that those are examples of 'perfect competition'. I am thinking about calling it 'near perfect competition', but I wonder if there is a conventional term for a market that is close to perfect competition. This wikipedia article mentions 'close-to-perfect competition' but I'm not sure if that's a conventional term.

competition terminology

share|improve this question

asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

$endgroup$

share|improve this question

asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

share|improve this question

asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

asked 6 hours ago

Arthur TarasovArthur Tarasov

1,441614

2 Answers
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3

$begingroup$

I do not have a special term, but I give this analogy:

We know what a triangle is. But in the real world, it is impossible to draw a perfect triangle and there do not exist examples of perfect triangles.

Similarly, we have just learnt what perfect competition is. But in the real world, there do not exist examples of perfect competition. Nonetheless, here are some examples of real-world markets that come "close to" perfect competition ...

We stress that these markets are not actual examples of perfect competition. (To repeat, such examples do not exist.) Instead, these are merely examples that come "close to" perfect competition.

share|improve this answer

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

$endgroup$

add a comment | 

1

$begingroup$

I don't think there is a standard term for what you'd want to refer to. I'd consider the following good candidates though:

• Near-perfect / almost-perfect / close-to-perfect / epsilon-perfect competition (the last of course comes from the notion of epsilon-equilibrium in game theory)


• Markets with low concentration, or lowly / sparsely concentrated markets (based on the empirical measure of concentration ratio)

share|improve this answer

answered 4 hours ago

Herr K.Herr K.

6,69831235

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add a comment | 

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3

$begingroup$

I do not have a special term, but I give this analogy:

We know what a triangle is. But in the real world, it is impossible to draw a perfect triangle and there do not exist examples of perfect triangles.

Similarly, we have just learnt what perfect competition is. But in the real world, there do not exist examples of perfect competition. Nonetheless, here are some examples of real-world markets that come "close to" perfect competition ...

We stress that these markets are not actual examples of perfect competition. (To repeat, such examples do not exist.) Instead, these are merely examples that come "close to" perfect competition.

share|improve this answer

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

$endgroup$

add a comment | 

3

$begingroup$

I do not have a special term, but I give this analogy:

We know what a triangle is. But in the real world, it is impossible to draw a perfect triangle and there do not exist examples of perfect triangles.

Similarly, we have just learnt what perfect competition is. But in the real world, there do not exist examples of perfect competition. Nonetheless, here are some examples of real-world markets that come "close to" perfect competition ...

We stress that these markets are not actual examples of perfect competition. (To repeat, such examples do not exist.) Instead, these are merely examples that come "close to" perfect competition.

share|improve this answer

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

$endgroup$

add a comment | 

$begingroup$

I do not have a special term, but I give this analogy:

We know what a triangle is. But in the real world, it is impossible to draw a perfect triangle and there do not exist examples of perfect triangles.

Similarly, we have just learnt what perfect competition is. But in the real world, there do not exist examples of perfect competition. Nonetheless, here are some examples of real-world markets that come "close to" perfect competition ...

We stress that these markets are not actual examples of perfect competition. (To repeat, such examples do not exist.) Instead, these are merely examples that come "close to" perfect competition.

share|improve this answer

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

$endgroup$

share|improve this answer

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

answered 2 hours ago

Kenny LJKenny LJ

5,19121644

1

$begingroup$

I don't think there is a standard term for what you'd want to refer to. I'd consider the following good candidates though:

• Near-perfect / almost-perfect / close-to-perfect / epsilon-perfect competition (the last of course comes from the notion of epsilon-equilibrium in game theory)


• Markets with low concentration, or lowly / sparsely concentrated markets (based on the empirical measure of concentration ratio)

share|improve this answer

answered 4 hours ago

Herr K.Herr K.

6,69831235

$endgroup$

add a comment | 

1

$begingroup$

I don't think there is a standard term for what you'd want to refer to. I'd consider the following good candidates though:

• Near-perfect / almost-perfect / close-to-perfect / epsilon-perfect competition (the last of course comes from the notion of epsilon-equilibrium in game theory)


• Markets with low concentration, or lowly / sparsely concentrated markets (based on the empirical measure of concentration ratio)

share|improve this answer

answered 4 hours ago

Herr K.Herr K.

6,69831235

$endgroup$

add a comment | 

$begingroup$

I don't think there is a standard term for what you'd want to refer to. I'd consider the following good candidates though:

• Near-perfect / almost-perfect / close-to-perfect / epsilon-perfect competition (the last of course comes from the notion of epsilon-equilibrium in game theory)


• Markets with low concentration, or lowly / sparsely concentrated markets (based on the empirical measure of concentration ratio)

share|improve this answer

answered 4 hours ago

Herr K.Herr K.

6,69831235

$endgroup$

share|improve this answer

answered 4 hours ago

Herr K.Herr K.

6,69831235

answered 4 hours ago

Herr K.Herr K.

6,69831235

answered 4 hours ago

Herr K.Herr K.

6,69831235