Supply curves and demand curves is perfect competition

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This simulation is meant to illustrate supply and demand. Now, the only market structure that has supply curves and demand curves is perfect competition. (All four market structures we discuss in this class have demand curves, but only perfect competition has a supply curve.) The simulation, however, starts off by stating that there is one company with a monopoly.... So, if you work through the simulation you should change that assertion and assume that there are many companies leasing apartments and that no company has any control over the rental rate. After the first one or two scenarios, if you are asked whether the rent should be increased or decreased, you should interpret that as asking if the 'invisible hand' will cause the rental rate to increase or decrease. I've tried, in vain, to get this simulation corrected for the past 8+ years, to no avaible

Reference no: EM131098352

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