Chapter 9: Firm Production Under Idealized Competitive Conditions A. Perfect Competition (15) 1. What is unique about perfect competition as a market structure that sets it apart from the other three market structures we cover in this course? How does it affect the diagrams that we use to analyze firm behavior? (4) 2. What are the implications of the assumption of easy entry and exit for the results of perfect competition in the long-run? (4) 3. In what two ways is the market structure known as perfect competition said to be "efficient" so that we use it as a benchmark against which to measure the results of the other market structures? I have suggested that an additional assumption is required for one of those measures of efficiency to hold - what is it? (7) B. The Value of Teams (15)