Perfect Competition Firms like Walmart, Target, and Kmart are often given as examples of competitors. Ironically, these firms are not what an…

Perfect Competition

Firms like Walmart, Target, and Kmart are often given as examples of competitors. Ironically, these firms are not what an economist would define as perfectly competitive firms.

• Why are these firms not perfectly competitive?
• What are the conditions that create perfect competition?
• Name or describe an example of a perfectly competitive good or firm.