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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