Answer to Question #2358 in Microeconomics for morgan
Perfect competition is the first of four basic market models that we study in this course.
Choose a market for a good in your area that seems to be a perfectly 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.
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