1. Think about the following categories: number of firms, type of product, pricing, market knowledge, entry and exit in the market, and the elasticity of the product. For each category, state the ways the credit card issuing industry is consistent with the characteristics of perfect competition and what ways it is not. 2. Do some research and use your own experience to cite some ways the credit card industry has changed over the past ten years. 3. In light of your answer to number two, has the credit card industry become more or less competitive? Does it still fit the characteristics of perfect competition or is it moving away from being perfectly competitive? 4. Does the fact that the credit card issuing industry meets some criteria of perfect competition benefit society? Why or Why not?
1. Think about the following categories: number of firms, type of product, pricing, market knowledge, entry and exit in the market, and the elasticity of the product. For each category, state the ways the credit card issuing industry is consistent with the characteristics of perfect competition and what ways it is not.
2. Do some research and use your own experience to cite some ways the credit card industry has changed over the past ten years.
3. In light of your answer to number two, has the credit card industry become more or less competitive? Does it still fit the characteristics of perfect competition or is it moving away from being
4. Does the fact that the credit card issuing industry meets some criteria of perfect competition benefit society? Why or Why not?
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