University:
East Georgia State College
Course:
BUSA 1105 | Introduction to Business
Academic year:

2022
Views:

430

Pages:

2
Author:

5CelestialChronicle

Handout # Name _____________________________________ Hour _______ What is Perfect Competition? (24 pts) Directions: 1. Read Chapter 7, Section 1 (pages 192-195) 2. Answer the following questions in complete sentences. No credit is given unless complete sentences are used. Vocabulary: Market Structure: Perfect Competition: Imperfect Competition: Questions 1. Name and describe the five characteristics of perfect competition a. b. c. d. e. 2. Why are sellers in a perfectly competitive market known as price takers? 3. Why is it necessary to have standardized products in order to have perfect competition? 4. How is imperfect competition different from perfect competition? 5. Suppose you went to a farmers’ market and found several different farmers selling cabbage. Would you be likely to find a wide range of prices for cabbage? Why or why not? 6. Why do you think brand name products are not found in a perfectly competitive market? 7. List two items not listed in the book (agricultural products/food, paper and gold listed in book) that could be standardized products. Explain why you say they are standardized products. a. b. 8. Why is perfect competition not found in real markets?

Market Perfect Competition Chapter 7

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