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Economics

nomic model that underlies farming in the Philippines, why do the assumptions of pure competition continue to be impor

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 7E

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Concept explainers

Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.

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2. If pure competition is not an adequate representation of the economic model that underlies farming in the Philippines, why do the assumptions of pure competition continue to be important to agricultural economists?

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