Who would benefit more from pure competition compared to other forms competition, producers and consumers

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22-02-2019
Business

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Who would benefit more from pure competition compared to other forms competition, producers and consumers

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MrCreighton MrCreighton · Answer 1 · 2019-02-23T17:10:00+01:00

Consumers will benefit more from pure competition that producers. Pure competition means that consumers have many choices and can choose to buy from many producers. If they are unhappy with one product, it would be easy to switch to another. So if economic principles hold true, consumers would benefit from this type of arrangement. The opposite of this would be a monopoly where the producers have all the power and the consumer has little to no choice.

ewomazinoade ewomazinoade · Answer 2 · 2021-10-07T13:03:29+02:00

The person that would benefit more in a pure competition when compared to other forms competition are consumers.

A pure competition is when there are many buyers and sellers of identical product. Producers can freely enter or exit the market: there are no barriers to entry or exit.

In the long run, producers make no economic profit. in the short run, if producers earn an economic profit, in the long run, producers would keep entering the market until economic profit falls to zero.

Market price is determined at the point where the quantity demanded equals the quantity supplied. Producers would want to sell their products at a price that is higher than equilibrium price because this would ensure that they earn a higher profit. On the other hand, consumers pay the lowest price when compared with other types of competition. This benefits consumers.

To learn more about pure competition, please check: https://brainly.com/question/18398116?referrer=searchResults