Competitive Markets in the United States

Paper Summary:

After pointing out that most countries, including the U.S., operate under mixed economies and that none have perfectly competitive markets, this paper goes on to discuss some of the factors that work against competition in the U.S. The paper also examines the factors inherent in a perfectly competitive market.

From the Paper:

"Several "interfering factors" exist in real life situations that prevent markets from being "perfectly competitive." These include the non-existence of the factors necessary for perfect competition. For example, in some markets there may be only one producer supplying a particular product leading to a "monopoly" while others may be dominated by a handful of major suppliers. Absence of information about the prices and qualities offered by competing sellers and misleading (or false information) as providing by commercial advertising may also lead to non-competitive markets. Other interfering factors that may create distortions in markets include government interference, and attachment of consumers to specific suppliers because of proximity, habit, reliability, quality, and "consumer loyalty." "

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