Perfect competition many buyers and sellers Homogeneous product Perfect information No transaction costs Free entry and exit Michael R Baye, Managerial Economics and Business Strategy, 3e. CThe McGraw-Hill Companies, Inc, 1999Michael R. Baye, Managerial Economics and Business Strategy, 3e. ©The McGraw-Hill Companies, Inc. , 1999 Perfect Competition • Many buyers and sellers • Homogeneous product • Perfect information • No transaction costs • Free entry and exit