Perfect competition
At university, I teach a course entitled “basic economics of competition law“.
Last week, I told my LL.M. students that there are only few real life examples of the perfect competition model.
I also told them that the “perfect competition” entry in Wikipedia only mentioned street food in Asia.
If I had to think personnally of additional illustrations, the only examples that sprung to my mind were:
- Le Carré in Liège => the city centre area where students get d***k on the WE
- The Kebab street close to the Grand Place in Brussels => the city centre area where people rush at night after they got d***k
Since then, one of my LL.M. students has apparently updated the Wikipedia entry :).
Chillin'Competition 
Not sure of these examples, the areas you mentioned could easily be examples of “turist traps” where a fragmented supply converge geographically and set monopoly prices in the hope to fleece at least one clueless customers who have high search costs (i.e., being drunk); but when you look only at structural features it’s difficult to distinguish from perfect competition – i.e., many small suppliers and many small customers.. The Diamond paradox would be a better explanation in this case, but I guess this is advanced economics for LLM students maybe….
Paolo SIciliani
24 October 2011 at 1:02 pm
Thanks Paolo. A precision: the kebabs there are priced at a level far below monopoly.
Nicolas Petit
24 October 2011 at 10:47 pm
In Belgium, more than a government, they have SMART IDEAS!
Congrats
😉
Christophe Roquilly
Christophe Roquilly
25 October 2011 at 7:03 pm
Better still when Wikipedia gets an external reference!
Alix Marcorell
25 October 2011 at 10:01 pm
I needed more examples of perfect competition. Can you help ?
Juliacy Ferns
31 August 2015 at 1:06 pm