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Economics at university

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Supermarkets’ market power: ‘stack ’em high, and sell ’em low’

A perfectly competitive market

Decisions made by firms are taken in the context of the market in which they operate. The model of perfect competition sets out how firms choose output in a competitive environment, based on some key assumptions. For more discussion of perfect competition, see the article by Caroline Elliott on pages 11–13

Go online for a printable pdf of this centre spread (www.hoddereducation.co.uk/economicreviewextras)

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Previous

Economics at university

Next

Supermarkets’ market power: ‘stack ’em high, and sell ’em low’

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