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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Why study the theory of perfect competition if no real-world market completely satisfies all of the theory’s assumptions?

To determine

Explain why people study the theory of perfect competition if its assumptions do not satisfy the real-world market.

Explanation

The perfect competition is the market structure with more number of buyers and sellers selling homogeneous products. In real-world situations, existence of the original perfect competitive firms is few in the market. The basic assumptions suggested by the theory of perfect competition are large number of buyers ...

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