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Identify the buyers and sellers as well as goods or services

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Question-

Perfect competition is the first of four basic market models that we study in this course. Choose a market for a good in your area that seems to be a perfectly competitive market. Write four substantive paragraphs that describes the market and answers the following questions:

Identify the buyers and sellers as well as the goods or services.

• How closely do real world conditions match the characteristics listed in the model?

• Are the sellers price takers?

• Do they compete using price?

• Is the good in question standardized?

• Is this market regulated by government in any way.

• Explain the competitive environment.

Additional Information-

The question related to Economics and the question is about perfection competition. The question is not only a descriptive question, but a practical question because it involves observing a market near you which resembles perfect competition. Such an example has also been cited along with the description about perfect competition.

Reference no: EM13826460

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