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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

Can you name five examples of perfectly competitive markets? Why or why not?

To determine

If perfectly competitive markets exist or not and name some examples if they do.

Explanation

The reason for the lack of a perfectly competitive market is that the market does not observe in the real world. Though there are some markets that may come close to being the perfectly competitive market, however, none of those markets fulfill all the criteria related to perfectly competitive markets. For example, let us consider the seafood industry or the agriculture industry...

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