What are the implications of a perfectly competitive market

Reference no: EM133065504

Learning Outcome 1: Examine the perfectly competitive market structure.

Learning Outcome 2: Examine the key features of competition in the short and long-run

Learning Outcome 3: Evaluate the factors affecting the firm.

Assignment

It is often said that the market for agricultural goods is indicative of a perfect!) competitive market. Hence. what are the implications of a perfectly competitive market for a firm with pretensions to compete in such a market?

Assignment Guide
To enable your preparation and understanding of this assignment you will need to study lecture 6 of the module and chapters 8 and 9 of Begg, Vernasca. Fischer, and Dornbusch. and Jones chapter 4 of Sloman and Jones. To complete the assignment, you will need to explain and discuss the concept of perfect competition and its defining characteristics. This will require a clear explanation of the essential requirements that must be satisfied if a market is to be perfectly competitive and to demonstrate how the perfectly competitive firm determines its best level of output in both the short-run and long-run, in addition to other related points. You should ensure that you answer the question directly and to bring out in your answer the ramifications for a firm operating under conditions of a perfectly competitive market structure and, in turn. the implications for such a fimt as the question requires. A good answer should express your own view as well as to provide a well-thought-out explanation for the position taken.

Attachment:- chapters.zip

Reference no: EM133065504

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