Module 3 Discussion Topic 1 – Competitive Markets

Description

Overview

There are many distinct characteristics that classify a market as Perfectly Competitive including:

Very large number of firms

Homogenous products

Entry and exit into the market free of barriers

Perfect Information

Individual firms are price takers
Long run economic profits will be zero
Instructions
Given these characteristics of a perfectly competitive market, select one of the characteristics listed. In your post:
Fully explain what that characteristic means and what its importance is to classifying a market as perfectly competitive.
If you have noticed this characteristic in a certain market, explain where you have seen it before or provide your own example.

Would you see the characteristic you are discussing in any of the other three market structures – monopolistic competition, oligopoly or monopoly?

Why or why not?

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