Let us assume two students must prepare a presentation for their marketing class. As part of their class presentation, they must do a series of…October 11, 2020
Joe’s hot dog stand projects the following demand for hot dogs:October 11, 2020
Firms like Walmart, Target, and Kmart are often given as examples of competitors. Ironically, these firms are not what an economist would define as perfectly competitive firms.
- Why are these firms not perfectly competitive?
- What are the conditions that create perfect competition?
- Name or describe an example of a perfectly competitive good or firm.
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