Economists identify competitive markets as having these characteristics: • Identical products • price taker • low economic profits In preparation for the next module in which we will study the majority of markets that do not have these characteristics, based on your experience as a consumer what is a market for one good or service for which these characteristics do not hold? In your post, describe the good or service (not a brand name or company but the good or service itself) then explain why one or more of these characteristics is not true.
Economists identify competitive markets as having these characteristics: • Identical products • price taker • low economic profits In preparation for the next module in which we will study the majority of markets that do not have these characteristics, based on your experience as a consumer what is a market for one good or service for which these characteristics do not hold? In your post, describe the good or service (not a brand name or company but the good or service itself) then explain why one or more of these characteristics is not true.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...
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Transcribed Image Text:Economists identify competitive markets as having these characteristics:
• Identical products
• price taker
• low economic profits
In preparation for the next module in which we will study the majority of
markets that do not have these characteristics, based on your experience as a
consumer what is a market for one good or service for which these characteristics
do not hold?
In your post, describe the good or service (not a brand name or company but the
good or service itself) then explain why one or more of these characteristics is not
true.
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