A thread of polls on the assumptions of "Perfect Competition."
1/5: "Perfect Competition" implicitly assumes the existence and well-functioning of some sort of auction-like mechanism.
2/5: "Perfect Competition" implicitly assumes the existence and well-functioning of institutions that transmit information about the product (such as product details and quality).
3/5: "Perfect Competition" implicitly assumes the existence and well-functioning of institutions that transmit information about the state of the market (such as whether there are actually any units for sale or whether there's a shortage).
4/5: "Perfect Competition" implicitly assumes the existence and well-functioning of institutions or processes that reduce product variability (increase product homogeneity).
5/5: Welfare analyses that use "Perfect Competition" as a benchmark (such as 'deadweight loss' comparisons) are careful to include the costs implied by the assumptions above, which could be substantial and not necessarily present in other/actual market arrangements.
For people who maybe didn't understand this one, I'm talking about variation between units of the same product. PC assumes that all the units of a product are interchangeable, so I'm talking about things like Quality Control here.
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