The perfectly competitive model is not very useful for managers because very few markets are perfectly...

The perfectly competitive model is not very useful for managers because very few markets are perfectly competitive.” Do you agree with this statement? Explain.

Regardless of whether you agree, what lessons can managers learn by studying perfectly competitive markets?

Expert Solution

Rahul Sunny answered 2 years ago

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...

- 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.

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.

There is no perfect example for perfectly competitive markets. However, we can find a few approximations....

There is no perfect example for perfectly competitive markets. However, we can find a few approximations. Please first review the main characteristics of perfectly competitive markets. Then give an example for a perfectly competitive firm. Explain how this firm meets each characteristic in these markets.

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

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.

Compare and contrast perfectly competitive markets with monopolistically competitive markets. Which is more realistic and why?

Argue against or for Perfectly Competitive markets-provide a rationale

Monopolistic competitive markets are said to be less economically efficient than perfectly competitive markets. Explain why...

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.

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