If you produced a perfectly competitive product, what would it
be? What would make it perfectly competitive? Why must the price
you offer be equal to your marginal cost? Would you advertise to
increase the demand for your product? Be specific.
Monopolistic competitive markets are said to be less
economically efficient than perfectly competitive markets. Explain
why this is true. Diagram the equivalent long-run equilibrium
points for each to demonstrate your answer.
What are the important characteristics of perfectly competitive
markets?
Give me 5 examples of perfectly competitive markets.
Why do you think economist really like to talk about competitive
markets?
What does the concept of low or no barriers to entry mean? Why
is it so important to understand barriers to entry?
Give me 5 examples of price takers in perfectly competitive
markets.
Why did J. B Clark maintain that perfectly competitive
markets would yield a just and fair distribution of income? What
were the errors that would result from competitive markets?.
Discuss your answer around 3000 word and above
are
free, perfectly competitive markets compatible with social goals
like equality and equity? Discuss with reference to the education
and healthcare markets.