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Briefly describe a type
of market that is not
Step by step
Solved in 2 steps
- Perfect competition is an extremely rare type of market in the real world. This is because the conditions necessary for perfect competition are difficult to meet. Write about an example of perfect competition (or at least a market that is very close to perfect competition). Find an example of a market that seems to be perfectly competitive. Explain how your example satisfies the four conditions necessary for perfect competition. Do sellers in the market you’ve described brand themselves to consumers? Does this support the idea that this market is perfectly competitive? Explain. Do different sellers in the market you’ve described charge different prices for their product? Does your answer support the idea that this market is perfectly competitive? Explain. Does it seem as if the example you mentioned is allocatively efficient? In other words, does the market produce enough of this good (or does it produce too much or too little)? Explain.Suppose the market for bottled water and the market for soft drinks both have large numbers of buyers and sellers. Which of these markets is likely tobe more competitive?What are the Characteristics of a Purely Competitive Market?
- Briefly explain what the market will illustrate when perfectly competitive firms produce at the quantity where P = MC and explain why this happens. Hint: EfficiencyBriefly explain the reason for why in a competitive market we expect economic profits to be zero inthe long run. Why do firms operate even though they face 0 economic profit?31. Which of the following is the best example of a perfectly competitive market? a. soft drinks b. farm products c. diamonds d. athletic shoes
- When will a firm enter a competitive market?Consider a perfectly competitive market for wheat in Toronto. There are 90 firms in the industry, each of which has the cost curves shown on the following graph:.What does the demand curve for a perfectly competitive individual seller look like? Explain the logic behind it.
