In order to understand what pure competition holds, it is important to understand its nature. Some of the characteristics of pure competition are as follows:
Many sellers: A purely competitive market has a number of market participants. All the sellers sell almost the same product thus it prevents a price rise. This makes them charge an average price for the products, which so far benefits the consumers.
Identical products: As pure competition consists of selling the same products, it becomes difficult for buyers to differentiate between brands. This makes buyers shift between products without giving much importance to brand names.
Companies carry the same market share: As the product prices are the same, companies do not compete with each other and operate within the same market. Companies can neither lower their prices, as they would suffer loss and nor increase their prices as this would make them lose customers.
Consumers have complete information: In pure competition, it is assumed that the consumers know everything about how a company plans to lower or raise the price. Consumers have the easy option to shift brands if they find the difference in quality or price.
Firms can enter and leave the market easily: Companies without spending much money and without any obligations can easily exit a market in pure competition.
The above characteristics make it easy to understand how pure competition would operate in a market. However, pure competition is called a hypothetical and unsustainable system. The subsequent points are the reason why it is called so.
As entering and leaving the market in pure competition is very easy, the market gets crowded with many manufacturers.
Consumers are not always aware of products and prices as assumed. It is arduous for consumers to distinguish one seller from another.
Manufacturers cannot make a profit because of the low prices in the market.
Pure Competition and Monopoly
Monopoly is a kind of market structure characterized by the presence of one manufacturer and many consumers. Both pure competition and monopoly carry the goal of profit maximization but have their distinctive features. In pure competition, manufacturers are involved in supplying identical goods to the market. These manufacturers cannot cause any influence on the price of the product as it is determined by supply and demand. Also due to the presence of many sellers, it becomes difficult to come to a general agreement about setting prices. However, in a monopoly, a single manufacturer has the power to influence the prices by creating product scarcity and restricting output. Due to the absence of any competition, monopolies can control prices and acquire profits to a considerable extent. When there is a monopoly, there is a high entry barrier. New manufacturers who plan to enter the market are either knocked down or acquired by monopolies. Competition cannot sustain in a pure monopoly. Another major market structure is an oligopoly. In an oligopoly, only a few sellers are involved who can supply products to the consumers. This structure has some extent of entry barrier.
Pure Competition vs. Monopolistic Competition
Monopolistic competition is a unique market structure where there are numerous sellers and consumers in the market. Each of these sellers has its own price control over the market with limited barriers to entry. The characteristics of monopolistic competition lie between those of pure competition and monopoly. In monopolistic competition, the market structure is designed in such a way that the sellers can produce differentiated products in terms of quality, style, brand image, etc. In this market, suppliers can position themselves into the segment of high-quality producers as a justification for high product prices. Monopolistic competition is successful if the products are differentiated and the seller can convince consumers to purchase their superior products. Tools such as advertisement, sales promotion, etc can be used to attract consumers to individual brands.
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