Discuss and analyze whether the perfect competitor is a price maker or price taker and explain why

Discuss and analyze whether the perfect competitor is a price maker or price taker and explain why

This is an economic assignment. Each question must be answered in the form of a paragraph (5-6 sentences). Please cite all source(s) using MLA formatting on a bibliography page.

Question 1: Define Perfect Competition.

Question 2: Give 3 general examples of perfect competitors

Question 3: Discuss and analyze whether the perfect competitor is a price maker or price taker and explain why.

 

Solution preview

Perfect competition denotes to a market structure where the level of competition is at its peak. Neo-classical economists advance that perfect competition offers the best possible outcomes for consumers and society. Further, in perfect competition, firms offer homogenous products and there is freedom of entry………………………….

APA

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