Skip to Main Content
Structure And Efficiency Of Timber MarketsAuthor(s): Brian C. Murray; Jeffrey P. Prestemon
Source: In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 153-176.
Publication Series: Miscellaneous Publication
PDF: Download Publication (256 KB)
DescriptionPerfect competition has long been the standard by which economists have judged the market's ability to achieve an efficient social outcome. The competitive process, unfettered by the imperfections discussed below, forges an outcome in which goods and services are produced at their lowest possible cost, and market equilibrium is achieved at the point at which the cost of the last unit supplied just equals its value in use to the demander. This point maximizes the amount of utility that consumers obtain and the profit that producers procure through the existence of the market. Therein lies the appeal of perfect competitive markets.
- You may send email to firstname.lastname@example.org to request a hard copy of this publication.
- (Please specify exactly which publication you are requesting and your mailing address.)
- We recommend that you also print this page and attach it to the printout of the article, to retain the full citation information.
- This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.
CitationMurray, Brian C.; Prestemon, Jeffrey P. 2003. Structure And Efficiency Of Timber Markets. In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 153-176.
- Optimizing Product Attributes to Gain Competitive Advantage in Markets for Hardwood Lumber
- Tweak, adapt, or transform: Policy scenarios in response to emerging bioenergy markets in the U.S
- Identifying future competitive business strategies for the U.S. furniture industry: Benchmarking and paradigm shifts
XML: View XML