Perfect competition is the first of four basic market
Question and Solution
Perfect competition is the first of four basic market models that we study in this course. Choose a market for a good
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Perfect competition is the first of four basic market models that we study in this course.
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions:
â€¢Identify the buyers and sellers as well as the goods or services. â€¢How closely do real world conditions match the characteristics listed in the model? â€¢Are the sellers price takers? â€¢Do they compete using price? â€¢Is the good in question standardized? â€¢Is this market regulated by government in any way â€¢Explain the competitive environment.
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