Competitive Factors Markets
Assume the structure of the both the product and factor markets are perfectly competitive. In both markets firms are price takers. The price is set at the market level through the interaction of supply and demand. The firms can sell as much of the product they want at the set price since they are price takers.
Read more about this topic: Factor Market (economics)
Famous quotes containing the words competitive, factors and/or markets:
“Developing the muscles of the soul demands no competitive spirit, no killer instinct, although it may erect pain barriers that the spiritual athlete must crash through.”
—Germaine Greer (b. 1939)
“Girls tend to attribute their failures to factors such as lack of ability, while boys tend to attribute failure to specific factors, including teachers’ attitudes. Moreover, girls avoid situations in which failure is likely, whereas boys approach such situations as a challenge, indicating that failure differentially affects self-esteem.”
—Michael Lewis (late–20th-century)
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
When even lovers find their peace at last,
And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)