The market structure of perfect competition has a lot of ideal qualities–hence the name perfect.
- A Respond to the following prompt in a post with a minimum of 200 words.
The market structure of perfect competition has a lot of ideal qualities–hence the name perfect. For example, perfectly competitive firms are productively efficient, and perfectly competitive markets are allocatively efficient. It is, however, difficult to find many examples of perfectly competition in the real world. Perfect competition is really a benchmark against which we compare other market structures in the real world.
How much actual competition occurs in perfectly competitive markets? Some make the claim that there is actually no competition between firms in a perfectly competitive market.
Do you agree or disagree with this claim? What is your reasoning?
2. Respond to the following prompt in a post with a minimum of 200 words.
“Diminishing Returns” is a concept, or more precisely, an empirical finding that shows up in a variety of places in microeconomics. We first encountered it in the module on utility, and then again in this module on production and costs.
What do economists mean by “diminishing returns” to an input? What causes diminishing returns? Have you ever observed this principle at work in a job you’ve had? Describe how you’ve experienced this concept in the real world.
LICENSES AND ATTRIBUTIONS
CC LICENSED CONTENT, ORIGINAL
- Discussion: Diminishing Returns. Authored by: Jennifer Pakula and Lumen Learning. License: CC BY: Attribution
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.