There are many distinct characteristics that classify a market as Perfectly Competitive including:
Very large number of firms
Entry and exit into the market free of barriers
Individual firms are price takers
Long run economic profits will be zero
Given these characteristics of a perfectly competitive market, select one of the characteristics listed. In your post:
Fully explain what that characteristic means and what its importance is to classifying a market as perfectly competitive.If you have noticed this characteristic in a certain market, explain where you have seen it before or provide your own example.
Would you see the characteristic you are discussing in any of the other three market structures – monopolistic competition, oligopoly or monopoly?Why or why not?
Where appropriate, cite examples from your text or other readings.Rubric says:
Post includes substantial and thoughtful content with appropriate terms and concepts learned in the course utilized. Post addresses fully the topic question.