Q1. Few markets in the real world have the characteristics of a perfectly competitive market. Does...

Q1. Few markets in the real world have the characteristics of a perfectly competitive market. Does that mean that the predictions of the model of perfect competition are not very useful in predicting how markets in the real world work? Discuss.

Expert Solution

Rahul Sunny answered 2 years ago

- Few markets in the real world have the characteristics of a perfectly competitive market. Does...

- Few markets in the real world have the characteristics of a perfectly competitive market. Does that mean that the predictions of the model of perfect competition are not very useful in predicting how markets in the real world work? Discuss. (Please in a written text, not a pic)

Few markets in the real world have the characteristics of a perfectly competitive market. Does that...

Few markets in the real world have the characteristics of a perfectly competitive market. Does that mean that the predictions of the model of perfect competition are not very useful in predicting how markets in the real world work? Discuss. For your answer support your views/opinions (with at least two scholarly references and mention the reference them ), and a word count of 400 words. If not follow the instruction above will rate your answer with thumb down.

1.Perfectly competitive markets and the real world - Few markets in the real world have the...

1.Perfectly competitive markets and the real world - Few markets in the real world have the characteristics of a perfectly competitive market . Does that mean the predictions of the model of perfect competition are not very useful in predicting how markets in the real world work? Discuss 2. Market equilibrium - when Market equilibrium occurs , Quantity demanded is equal to quantity supplied , Which mean that both sellers and buyers get what they want . Does a market...

The perfectly competitive market theory doesn’t explain the real world, and there aren’t any perfect markets,...

The perfectly competitive market theory doesn’t explain the real world, and there aren’t any perfect markets, so studying them is a waste of time. Do you agree with this statement? Why or why not?

Although there is no such thing as a Perfectly Competitive Market in the real world, which...

Although there is no such thing as a Perfectly Competitive Market in the real world, which industry listed below will come closest to the academic model of a Perfectly Competitive Market? 1-The online travel industry – Yahoo Travel, Expedia, Priceline.com. 2-Microsoft Corporation. 3-The airline industry – Southwest, United, Delta and JetBlue. 4-The auto industry – General Motors, Ford, Chrysler and Toyota.

why are there no perfectly competitive markets in the world today?

What are the characteristics of a perfectly competitive market?

1. Who benefits from a perfectly competitive market? Who wants perfectly competitive markets, and who does...

1. Who benefits from a perfectly competitive market? Who wants perfectly competitive markets, and who does not want perfectly competitive markets? Why? 2. If your firm is in a competitive market, what can you choose? 3. In managing or creating a firm, would you rather operate in a competitive market or a monopoly? Why? 4. Is a monopoly a good or a bad thing for society? Why

What are the important characteristics of perfectly competitive markets? Give me 5 examples of perfectly competitive...

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.

Describe the characteristics of a perfectly competitive market and a monopolistically competitive market? How are they...

Describe the characteristics of a perfectly competitive market and a monopolistically competitive market? How are they similar? How are they different?

Question