Perfect competition발음듣기
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Perfect competition
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100% 한국어
번역 8명 참여
출처 : 칸아카데미
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In pretty much all of the videos so far we've been assuming an economic ideal, and that economic ideal is perfect competition.발음듣기
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But what I want to do in this video is think about it in a little bit more exact terms, in terms of what are the ground rules we need to have to really have this ideal perfect competition.발음듣기
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It's important to realize that there's very few markets that are truly perfectly competitive.발음듣기
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And those that are are very good for consumers, but there are that get very close to being perfectly competitive.발음듣기
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And they need to be competing for the kind of the same buyer and kind of offering the same thing.발음듣기
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There's very few markets where the product is absolutely identical or the service is absolutely identical, but we're talking about an economic ideal over here.발음듣기
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So, if at any given moment it looks attractive for other people to go into that market, other people will go into that market and there's nothing that's really going to stop them.발음듣기
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If the firms that are already in the market are making an economic profit that means that it's good.발음듣기
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You can do better in this market than your opportunity costs, and so people will enter into that market.발음듣기
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And in order for this market to be perfectly competitive, we can't have any barriers, nothing stopping those people.발음듣기
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So once someone jumps into the fray and, assuming that they are somewhat competent, they are going to be able to compete on kind of equal terms with the people that are already there.발음듣기
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And then the last one, and this is important, is that you have to have really good price information.발음듣기
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The buyers need to know all the prices so that they can really do good comparison shopping, and the sellers need to know everyone's prices so that they can really match prices really well.발음듣기
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Now, there are many different types of markets that somewhat approximate perfect competition.발음듣기
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But one of them that does come to mind, one of them that does definitely come to mind is the US airline industry.발음듣기
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And the US airlines - We can think about these different bullet points, how closely it matches it.발음듣기
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They would say that they're differentiating on their service and what type of food they give or, I guess, don't give to you, or how much they're charging for the baggage check-in and all the rest.발음듣기
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But for most consumers, they're just like, look, I just want an economy class ticket from San Francisco to New York, and they view them as almost identical products.발음듣기
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You need a few billion dollars that you need to either find or borrow or whatever, so that you can buy the capital so you can start operating planes.발음듣기
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You need access to airport terminals that you'll have to lease and landing rights and all the rest.발음듣기
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But for the most part, at least in the United States, if you are a US operator - so there are some barriers to entry, especially for foreign operators.발음듣기
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But if you are a US operator and you have the capital you will be able to be the next Virgin America or Southwest Airlines or JetBlue.발음듣기
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If I start a new airlines tomorrow and it's offering comparable rates and comparable service, I could imagine people would be willing to take this airlines.발음듣기
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And good price information - and this is why the airline industry definitely came to my mind, because I can't imagine an industry where you have better price information that at least now, after the internet came about - than in the airline industry you want a flight from San Francisco to New York, you go to any of these travel sites, Orbits, Kayak, Expedia, whatever you want to go to.발음듣기
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And you can actually pick - and it's known that people do this - they pick a flight that might be $500 or $600, but they can compare based on a few pennies or even a few dollars.발음듣기
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And, obviously, the sellers have all of their IT systems, the airlines have all their IT systems to keep track of where airline prices are going as well.발음듣기
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So the air travel industry, like most industries, is not absolutely perfect competition, but it gets pretty close to perfect competition.발음듣기
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And you even see that in the real world, is that it's very hard for the airlines to make really a lot of profit, whether you're talking about accounting profit or even economic profit.발음듣기
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And we're measuring it in billions of seat miles per week, and I know that sounds like a strange thing.발음듣기
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But really, we're just saying, OK, in a given week tell me all of the seats that are in use, and multiply those number of seats - so the seat miles in a given week.발음듣기
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The number of seats times the miles or the average miles per seat in a given week, and that gives you how much air travel.발음듣기
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Maybe they're finding that from the most obvious airports that maybe the landing rights are cheaper or it's cheaper to lease things, or whatever.발음듣기
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But as they start running more and more and more routes, maybe between smaller and smaller cities, maybe smaller and less efficient planes, it starts to become more and more expensive for them to supply those incremental miles.발음듣기
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And obviously, on the demand side, if air travel is very, very expensive, very few people are going to want to travel.발음듣기
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But let's say that the price level in order for the players to actually have an economic profit is over here.발음듣기
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So this is the price needed for zero economic profit, or you could say for neutral economic profit.발음듣기
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So at that point, if that is the price, then the firms that are offering airline travels, they're kind of neutral between shutting down and continuing to offer service.발음듣기
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But notice, the way I've drawn it here that is substantially lower than the current equilibrium price.발음듣기
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So what this is saying is since the current equilibrium price is a good bit higher than this, or it's just higher at all, these firms in the market right now are generating economic profit, definitely positive economic profit.발음듣기
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If there is positive economic profit, that means that there's an incentive for other firms to enter into this industry.발음듣기
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But as soon as another carrier realizes that they can, or any of the carriers realize they can offer more - it doesn't even have to be new carriers entering.발음듣기
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It could be existing carriers just offering, maybe buying more planes or offering more routes.발음듣기
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But we're still making economic profit because our new equilibrium price is still higher than the price needed for zero economic profit.발음듣기
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As more supply comes on, we are obviously increasing the quantity and the price is going down.발음듣기
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And at that point, now the equilibrium price is the price at which all of the players are having zero economic profit.발음듣기
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And there's no incentive for more people to enter into it, because then the equilibrium price will go down, or they're, essentially right now economic profit is zero.발음듣기
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That there's no barriers to entry and more people go in and in and in, the price goes down, the quantity will go up in this scenario.발음듣기
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But what I want to do in the next video is to think about what if we didn't have perfect competition.발음듣기
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