Economics P What are the four (4) conditions for a perfectly competitive market to exist? 2. "Pizza" is our example below, but it is not a good example of a perfectly competitive market. Why? 3. What is a good example of a perfectly competitive market? 4. What does it mean that a perfectly competitive firm is a "price taker"? 5. How and why does the fact that a perfectly competitive firm is a "price taker" imply that in the long run a perfectly competitive firm earns no economic profits