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%\usepackage{opensans}          % Can't make this work so far. Shame. Would be lovely.
\usepackage[normalem]{ulem}     % For underlining links
% Most of the following are not required for the majority
% of cheat sheets but are needed for some symbol support.
\usepackage{amsmath}            % Symbols
\usepackage{MnSymbol}           % Symbols
\usepackage{wasysym}            % Symbols
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% Document Info
\author{danieladiaz}
\pdfinfo{
  /Title (perfect-competition.pdf)
  /Creator (Cheatography)
  /Author (danieladiaz)
  /Subject (Perfect competition Cheat Sheet)
}

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% Commands
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% Header and Footer
\pagestyle{fancy}
\fancyhead{} % Set header to blank
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\fancyhead[L]{
\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{C}
    \SetRowColor{DarkBackground}
    \vspace{-7pt}
    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
    }
\end{tabulary}
\columnbreak
\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Perfect competition Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{danieladiaz} via \textcolor{DarkBackground}{\uline{cheatography.com/167997/cs/35112/}}}
\end{tabulary}
\end{multicols}}

\fancyfoot[L]{ \footnotesize
\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{LL}
  \SetRowColor{FootBackground}
  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}danieladiaz \\
  \uline{cheatography.com/danieladiaz} \\
  \end{tabulary}
\vfill
\columnbreak
\begin{tabulary}{5.8cm}{L}
  \SetRowColor{FootBackground}
  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 4th November, 2022.\\
   Updated 4th November, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
\end{tabulary}
\vfill
\columnbreak
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Sponsor}}  \\
  \SetRowColor{white}
  \vspace{-5pt}
  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
\end{tabulary}
\end{multicols}}




\begin{document}
\raggedright
\raggedcolumns

% Set font size to small. Switch to any value
% from this page to resize cheat sheet text:
% www.emerson.emory.edu/services/latex/latex_169.html
\footnotesize % Small font.

\begin{multicols*}{4}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Characteristics of Perfect competition}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{large numbers of buyers and sellers} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{homogenous product (all perfect substitutes)} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{no barriers to entry or exit from this market} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{perfect knowledge/information between buyers and sellers} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{firms are profit maximisers (MC=MR)} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{firms are price takers} \tn 
% Row Count 7 (+ 1)
% Row 6
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\mymulticolumn{1}{x{3.833cm}}{all firms are small} \tn 
% Row Count 8 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.16722 cm} x{2.26578 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{efficiency}}  \tn
% Row 0
\SetRowColor{LightBackground}
allocative efficiency & in both the short and long run, P=MC and thus allocative efficiency is achieved. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
productive efficiency & ensuring the costs of production are as low as they can be \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
dynamic efficiency & in perfect competition this will not be achieved. \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Assumptions of the model}}  \tn
% Row 0
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\mymulticolumn{1}{x{3.833cm}}{homogenous products} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{perfect resource mobility} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{3.833cm}}{free entry to entry and exit} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{perfect / complete information} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{large number of firms} \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.99114 cm} x{1.44186 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{limitations of the model}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{unrealistic assumptions} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
limited possibilities to take advantage of economies of scale & firms cannot expand that much \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
lack of product variety & consumers do not have variety \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{waste of resources in the process of long-run adjustment} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{does not make enough money to invest in R \& D} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{ignores market failures} \tn 
% Row Count 10 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{short-run perfect competition}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{3.833cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/danieladiaz_1667522236_Xnip2022-11-03_19-37-02.jpg}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{short-run}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{only in the short-run, supernormal profits are achieved. It attracts new firms into the market% Row Count 2 (+ 2)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{long-run perfect competition}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{3.833cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/danieladiaz_1667522705_Xnip2022-11-03_19-44-38.jpg}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{long-run equilibrium}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{In perfect competition, no firm will make supernormal profits in the long run. This is because any short-term supernormal profits attract new firms to the market (since  there are no barriers to entry). This means supernormal profits are 'competed away' in  the long term — i.e. firms undercut each other until all firms make only normal profit.% Row Count 8 (+ 8)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}