Changes

'''Perfect competition''' is an economic term referring to the condition when there is so much competition between vendors that a [[seller]] would lose customers if he raised prices at all.  Firms that are in a perfectly competitive market are thus referred to as "Price takers". In essence, a perfectly competitive market structure has no market power. Such a market is good from the [[consumer]]'s perspective.  A perfectly competitive market must:

'''Perfect competition''' is an economic term referring to the condition when there is so much competition between vendors that a [[seller]] would lose customers if he raised prices at all.  Firms that are in a perfectly competitive market are thus referred to as "Price takers". In essence, a perfectly competitive market structure has no market power. Such a market is good from the [[consumer]]'s perspective.  A perfectly competitive market must:

*Have products which are perfect [[substitutes]] for each other.

*Have products which are perfect [[substitute]]s for each other.

*Have many companies in the market.

*Have many companies in the market.

*All the companies must have identical costs for their supplies.

*All the companies must have identical costs for their supplies.