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- Does perfect competition exist in real life?What type of product by individual firms (none, total, some etc) are in a perfect competition and how easy is it for a business to enter and exit the perfect competition market structure?You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? The profits of farmers based on what happens to the price, what do you think will happen to the profits earned by the firms/farmers that previously existed in the market?
- What are three short-run outcomes in the perfect competition? When a firm takes the short-down decision?Why perfect competition is allocatively efficient, the price that people are willing to pay represents the gains to society and the marginal cost to the firm represents the costs to society.Write down the assumptions of perfect competition
- What are the requirements for a perfect competition market?Identify an industry that enjoys perfect (or nearly perfect) competition. How do the competitors interact with each other and suppliers and customers?What are some characteristics of perfect competition? Is the Banana market a perfect competition? When you are buying bananas, what is your decision making process? Do you have any favorite brand of banana? How can companies in the market compete? Please name some other examples of perfect competition?