Task: Choose a market for a good in your area that seems to be a perfectly competitive market.
Answer the given questions:
Q1. Identify the buyers and sellers as well as the goods or services.
Q2. How closely do real world conditions match the characteristics listed in the model?
Q3. Are the sellers price takers?
Q4. Do they compete using price?
Q5. Is the good in question standardized?
Q6. Is this market regulated by government in any way?
Q7. Explain the competitive environment.