Perfect Competition Real Estates
To what extent do real estate agencies in Brisbane match the characteristics of a perfectly competitive industry?
For real estate agencies to meet the criteria for a perfectly competitive industry there are three criteria that they have to meet;
Many sellers with small firms
Homogenous product
Easy entry and exit into the particular industry
A basic chart showing the distinct qualities of a perfectly competitive industry, one in which any price above the current market price will not be filled, causing producers to become price takers, where they cannot determine the price, only the quantity supplied.
(A Layton, T Robertson, IB Tucker. 2005. Economics 2nd Edition Australia Nelson)
MANY SELLERS, SMALL FIRMS
There are many real estate firms that are currently in the market in Brisbane.
Large firms such as Raine & Horne, Ray Green, L J Hooker down to the small, privately owned outlets.
On the REIQ (Real estate institute of Queensland) website,......
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Approximate Word Count: 1278
Approximate Pages: 6 (250 words per double-spaced page)
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