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.
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………………………….