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Economics Model Answers Seven - 2013 (view source)
Revision as of 02:51, April 22, 2013
, 02:51, April 22, 2013dead end page links
1. Identify the four elements of ''perfect'' competition.
1. Identify the four elements of ''perfect'' competition.
:1. Many buyers (consumers) and sellers (firms).
:1. Many buyers ([[consumer|consumers]]) and sellers (firms).
:2. Goods that are perfect substitutes for each other.
:2. Goods that are perfect substitutes for each other.
:3. A market where there is perfect knowledge needed to choose what to buy
:3. A market where there is perfect knowledge needed to choose what to buy