{"id":129,"date":"2024-05-29T23:17:09","date_gmt":"2024-05-29T23:17:09","guid":{"rendered":"https:\/\/course.oeru.org\/miec103\/?page_id=129"},"modified":"2024-05-29T23:17:09","modified_gmt":"2024-05-29T23:17:09","slug":"introduction-and-objectives","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec103\/learning-pathways\/introduction-to-market-structures\/introduction-and-objectives\/","title":{"rendered":"Introduction and objectives"},"content":{"rendered":"
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\"Madridstockexchange.jpg\"<\/a> <\/p>\n
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Here we will introduce the concept of perfect competition, an ideal model that serves as a benchmark against which real-world market structures are analyzed. Also known as the model of pure competition, perfect competition results in an efficient allocation of resources.\n<\/p>\n

In the real world, however, unregulated markets (which are central to perfect competition) may fail to create desired outcomes for a number of reasons. Economists refer to these situations as examples of imperfect competition.\n<\/p>\n

You will first study the Model of Perfect Competition and then move on to what may be considered the antithesis of perfect competition, the Monopoly Model.\n<\/p>\n

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Objectives<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t
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Upon successful completion, you will be able to:\n<\/p>\n