The model of perfect competition is one of the most famous, most important, and most misunderstood concepts in … economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates … only feature of market competition, but it plays a central role regarding to its virtues, and understanding the working …

corporations in the USA, using publicly-available data. Using the model, I compute firm-level markups and decompose them into: 1) a … extent of competition from substitute products. I estimate that, in 2019, public corporations produced consumer surplus in …