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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
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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.
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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.
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