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Question
Provide an example of a perfectly competitive market, or at least a market that gets a close as possible in your opinion. Evaluate your market against the four characteristics of perfect competition (Many small buyers and sellers, identical products, complete information, free entry and exit) to explain why you think it fits this market structure. In your opinion, have the sellers in this market accepted their position as price-takers or do they continue to try to shift the market to monopolistic competition? If they try to shift the market, such as by attempting to differentiate or impose barriers to entry, what are some methods they use to do so in that specific market? You may not use an example from the video, including machine shops, agriculture and the stock market.
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