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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Finding a life partner is a complicated process that may take many years. It is hard to think of this process as being part of a very complex market, with a demand and a supply for partners. Think about how this market works and some of its characteristics, such as search costs. Would you consider it a perfectly competitive market?

To determine

The consideration of the market catering to the demand and supply of life partners as a perfectly competitive market and to list some of its characteristics.

Explanation

In the perfect competitive market, the firms face the horizontal demand and there exists zero economic profit in the long run. Market for life partner is the complex market. It would not be considered as a perfect competitive market because here all the firms are producing identical products.

It would be best suited for monopolistic market where the firms are not producing identical products with the characteristics as given below:

1) There are large number of buyers and sellers in the market where each firm is producing the product which is somewhat different from others. So, the products are not homogeneous...

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