Answer to Question #18467 in Economics of Enterprise for Jude Cano

Question

Choose a market for a good in your area that seems to be a perfectly competitive or monopolistically competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions:
• Identify the buyers and sellers as well as the goods or services.
• How closely do real world conditions match the characteristics listed in the model?
• Are the sellers price takers?
• Do they compete using price?
• Is the good in question standardized?
• Is this market regulated by government in any way
• Explain the competitive environment.

Answer 1

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