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Competitive equilibrium

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  1. Competitive market equilibrium is the traditional concept of economic equilibrium, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on December 18, 2008
  2. relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on December 18, 2008
  3. consists of a vector of prices and an allocation such that given the prices, each trader by maximizing his objective function (profit, preferences) subject to his technological possibilities and resource constraints plans to trade into his part of th

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on December 18, 2008
  4. A simple example is a society where there are only 2 products, bananas and apples, and 2 individuals, Jane and Kelvin

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on December 18, 2008
  5. competitive equilibrium
    competitive equilibrium

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on December 18, 2008
  6. The price of bananas is Pb, and the price of apples is Pa

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on December 18, 2008
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