1. (Market Structure) Define market structure. What factors are considered in determining the market structure of a particular industry? 2. (Perfect Competition Characteristics) Describe the characteristics of perfect competition. 3. (Demand Under Perfect Competition) What type of demand curve does a perfectly competitive firm face? Why?

1. (Market Structure) Define market structure. What factors are considered in determining the market structure of a particular industry? 2. (Perfect Competition Characteristics) Describe the characteristics of perfect competition. 3. (Demand Under Perfect Competition) What type of demand curve does a perfectly competitive firm face? Why?

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1.1P

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